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Homework answers / question archive / 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 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

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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   $ 0.68
 

  

Statement of Retained Earnings
For the Year Ended December 31, 2019
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
For 2018 and 2019
  Year-End
2018		   Year-End
2019
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

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