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FABULOUS CORPORATION Income Statement For the Year Ended December 31, 2019 Sales $ 4,110,000 Cost of goods sold 2,680,000 Gross profit $ 1,430,000 Selling and administrative expense 729,000 Depreciation expense 298,000 Operating income $ 403,000 Interest expense 80,700 Earnings before taxes $ 322,300 Taxes 210,000 Earnings after taxes $ 112,300 Preferred stock dividends 10,000 Earnings available to common stockholders $ 102,300 Shares outstanding 150,000 Earnings per share $ 0
| FABULOUS CORPORATION Income Statement For the Year Ended December 31, 2019 |
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| Sales | $ | 4,110,000 | |
| Cost of goods sold | 2,680,000 | ||
| Gross profit | $ | 1,430,000 | |
| Selling and administrative expense | 729,000 | ||
| Depreciation expense | 298,000 | ||
| Operating income | $ | 403,000 | |
| Interest expense | 80,700 | ||
| Earnings before taxes | $ | 322,300 | |
| Taxes | 210,000 | ||
| Earnings after taxes | $ | 112,300 | |
| Preferred stock dividends | 10,000 | ||
| Earnings available to common stockholders | $ | 102,300 | |
| Shares outstanding | 150,000 | ||
| Earnings per share | $ | 0.68 | |
| Statement of Retained Earnings For the Year Ended December 31, 2019 |
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| Retained earnings, balance, January 1, 2019 | $ | 554,000 |
| Add: Earnings available to common stockholders, 2019 | 102,300 | |
| Deduct: Cash dividends declared and paid in 2019 | 169,000 | |
| Retained earnings, balance, December 31, 2019 | $ | 487,300 |
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Comparative Balance Sheets |
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| Year-End 2018 |
Year-End 2019 |
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| Assets | |||||||
| Current assets: | |||||||
| Cash | $ | 123,000 | $ | 94,300 | |||
| Accounts receivable (net) | 524,000 | 552,000 | |||||
| Inventory | 661,000 | 668,000 | |||||
| Prepaid expenses | 63,500 | 38,000 | |||||
| Total current assets | $ | 1,371,500 | $ | 1,352,300 | |||
| Investments (long-term securities) | 94,900 | 82,400 | |||||
| Gross plant and equipment | $ 2,120,000 | $ 2,620,000 | |||||
| Less: Accumulated depreciation | 1,300,000 | 1,598,000 | |||||
| Net plant and equipment | 820,000 | 1,022,000 | |||||
| Total assets | $ | 2,286,400 | $ | 2,456,700 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 389,000 | $ | 589,000 | |||
| Notes payable | 509,000 | 509,000 | |||||
| Accrued expenses | 72,400 | 51,400 | |||||
| Total current liabilities | $ | 970,400 | $ | 1,149,400 | |||
| Long-term liabilities: | |||||||
| Bonds payable, 20X2 | 172,000 | 230,000 | |||||
| Total liabilities | $ | 1,142,400 | $ | 1,379,400 | |||
| Stockholders’ equity: | |||||||
| Preferred stock, $100 par value | $ | 90,000 | $ | 90,000 | |||
| Common stock, $1 par value | 150,000 | 150,000 | |||||
| Capital paid in excess of par | 350,000 | 350,000 | |||||
| Retained earnings | 554,000 | 487,300 | |||||
| Total stockholders’ equity | $ | 1,144,000 | $ | 1,077,300 | |||
| Total liabilities and stockholders’ equity | $ | 2,286,400 | $ | 2,456,700 | |||
Expert Solution
Pls mention the requirement.
Only Income statement and Balance Sheet is given.
What calculation or inputs are required ??
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