29 Jun Question The condensed financial s
Question
The condensed financial statements of Westward Corporation for 2006 are presented below.
Westward Corporation Westward Corporation
Balance Sheet Income Statement
December 31, 2006 For the Year Ended December 31, 2006
Assets Revenues $2,000,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,080,000
investments $ 30,000 Selling and administrative
Accounts receivable 70,000 expenses 495,000
Inventories 120,000 Interest expense 30,000
Total current assets 220,000 Total expenses 1,605,000
Property, plant, and Income before income taxes 395,000
equipment (net) 780,000 Income tax expense 140,000
Total assets $1,000,000 Net income $ 255,000
Liabilities and Stockholders’ Equity
Current liabilities $ 80,000
Long-term liabilities 300,000
Common stockholders’ equity 620,000
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