Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s
| |
20X4 |
20X3 |
| Cash |
$ 5,100 |
$ 4,800 |
| Accounts Receivable |
$ 9,010 |
$ 6,100 |
| Inventory |
$ 10,400 |
$ 14,000 |
| Prepaid Expenses |
$ 1,950 |
$ 1,020 |
| Equipment |
$ 58,500 |
$ 59,900 |
| Accumulated Depreciation - equipment |
$ (33,100) |
$ (32,000) |
| Total Assets |
$ 51,860 |
$ 53,820 |
| |
|
|
| Account Payable |
$ 7,000 |
$ 11,400 |
| Interest Payable |
$ 350 |
$ 110 |
| Income taxes payable |
$ 650 |
$ 500 |
| Dividends Payable |
$ 2,400 |
$ 3,200 |
| Long-term Notes Payable |
$ 17,500 |
$ 17,000 |
| Common shares |
$ 22,000 |
$ 20,000 |
| Retained Earnings |
$ 1,960 |
$ 1,610 |
| Total Liabilities & Shareholders' Equity |
$ 51,860 |
$ 53,820 |
Great Lakes Manufacturing Inc.
Income Statement
Year Ended December 31, 20X4 in (000)'s
| Sale |
|
$ 130,000 |
| Cost of goods sold |
|
$ 97,000 |
| Gross Profit |
|
$ 33,000 |
| Operating Expenses |
$ 30,000 |
|
| Gain on Sale of equipment |
$ (1,000) |
$ 29,000 |
| Profit from Operations |
|
$ 4,000 |
| Other expenses |
|
|
| Interest Expense |
|
$ 200 |
| Profit before Income Tax |
|
$ 3,800 |
| Income Tax Expense |
|
$ 1,550 |
| Profit |
|
$ 2,250 |
Additional Information:
Operating expenses include depreciation expense of $3,500,000
Accounts Payable related to the purchase of inventory
Equipment that cost $3,900,000 was sold at a gain of $1,000,000
New equipment was purchased during the year for $2,500,000
Dividends declared and paid in 20X4 totaled $1,900,000
Common shares were sold for $2,000,000 cash
Interest payable in 20X4 was $240,000 greater than interest payable in 20X3