11 Oct Shull Corporation
Use the following information to answer questions 1-10.
Shull Corporation’s most recent balance sheet and income statement appear below:
Shull Corporation
Statement of Financial Position
December 31, Year 2 and Year 1
(dollars in thousands)
Current assets: Year 2 Year 1
Cash…………………………………… $ 180 $ 150
Accounts Receivable…………………. 200 190
Inventory……………………………… 140 140
Prepaid expenses……………………… 100 90
Total current assets…………………….. 620 570
Plant & equipment, net………………… 780 800
Total assets…………………………….. $ 1,400 $ 1,370
Current liabilities:
Accounts payable…………………….. $ 110 $ 130
Accrued liabilities……………………. 80 70
Notes payable, short term…………….. 60 60
Total current liabilities………………… 250 260
Bonds payable…………………………. 220 240
Total liabilities………………………… 470 500
Stockholders’ equity:
Preferred stock, $100 per value, 5%….. 200 200
Common stock, $2 per value………… 400 400
Additional paid-in capital—common stock 100 100
Retained earnings…………………….. 230 170
Total stockholders’ equity…………….. 930 870
Total liabilities & stockholders’ equity.. $ 1,400 $ 1,370
Shull Corporation
Income Statement
For the Year Ended December 31, Year 2
(dollars in thousands)
Sales (all on account)……………………………………… $1,130
Cost of goods sold…………………………………………. 700
Gross margin……………………………………………… 430
Selling and administrative expense……………….. 244
Net operating income……………………………………… 186
Interest expense……………………………………………. 29
Net income before taxes…………………………………… 157
Income taxes (30%)……………………………………….. 47
Net income………………………………………………… $ 110
Dividends on common stock during Year 2 totaled $40 thousand. Dividends on preferred stock totaled $10 thousand. The market price of common stock at the end of Year 2 was $9.80 per share.
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