08 Jun Question PATTI’S PRUNES, INC. Income Statement
Question
PATTI’S PRUNES, INC.
Income Statement
($ thousands)
PATTI’S PRUNES, INC.
Balance Sheet at December 31, 2011
($ thousands)
Fiscal year ending
12/31/11
12/31/10
Assets
Sales
Cash
8
6
Marketable securities
5
4
Accounts receivable
75
56
Inventory
23
18
3
2
114
86
Plant and equipment
35
35
Less accumulated
depreciation
10
5
Net plant and equipment
25
30
5
4
144
120
Total current assets
Other assets
Total Assets
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
34
25
5
5
Accrued expenses
16
8
Current long-term
debt
10
10
4
0
Total current liabilities
69
48
Long-term liabilities
60
60
129
108
1
1
Retained earnings
14
11
Total stockholders’
equity
15
12
144
120
Notes payable
Income taxes
Total liabilities
Stockholders’ equity
Common stock
Total liabilities and
stockholders’ equity
12/31/11 12/31/10
$292
$201
97
67
= Gross profit
195
134
-Selling and administrative
expense
125
115
-Depreciation expense
5
5
+Non-operating income
7
2
=Earnings before interest &
taxes
72
16
-Interest expense
10
10
=Earnings before taxes
62
6
-Taxes
17
0
=Earnings after taxes
45
6
Shares outstanding
Current assets:
Other current assets
Fiscal year ending
100,000
100,000
Earnings per share
$0.45
$0.06
-Cost of goods sold
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