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| This week’s assignment is to complete financial statements for Blue Bill Corporation. You are given a comparative statement with some additional information to complete. Required:Download the Week 05 Problems Excel spreadsheetto use in completing your problems. Complete the yellow highlighted cells on the balance sheet and income statement. Following is the additional information that you will need to complete the statements: 20042003Accounts Receivable$1,200,000$1,000,000Allowance for Doubtful Accounts35,00050,000Income Tax Expense100,000120,000 |
Sheet1
| Blue Bill Corporation | ||||
| Income Statement | ||||
| For the year ended 20xx | ||||
| 2004 | 2003 | |||
| Net sales | $4,250,000 | $5,175,000 | ||
| Cost of goods sold | $2,220,000 | $2,605,000 | ||
| Gross Profit | ||||
| Operating Expenses | $650,000 | $720,000 | ||
| Other Expenses | $120,000 | $115,000 | ||
| Earnings Before Interest and Taxes (EBIT) | ||||
| Net interest expenses | $0 | $15,000 | ||
| Income Tax Expense | ||||
| Net Earnings | ||||
| Earnings per share(1,250 shares issued) | ||||
| Balance Sheet | ||||
| December 31, 20xx | ||||
| Current assets | ||||
| Cash and cash equivalents | $500,000 | $450,000 | ||
| Accounts receivable | ||||
| Less: Doubtful accounts | ||||
| Inventory | $2,912,000 | $1,980,000 | ||
| Other current assets | $45,000 | $50,000 | ||
| Total current assets | ||||
| Net property, plant, and equipment | $250,000 | $200,000 | ||
| Other assets | $16,000 | |||
| Total assets | ||||
| Current liabilites | ||||
| Accounts payable | $1,000,000 | $900,000 | ||
| Other current liabilities | $35,000 | $22,000 | ||
| Long-term debt | $930,000 | |||
| Equity | $1,793,000 | |||
| Total liabilities and equity |
