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Rhodes Corporation: Income Statements for Year Ending December 31 2019 2018 Sales 11,000,000 10,000,000 COGS 9,322,000 8,448,000 Gross profit 1,678,000 1,552,000 Depreciation and amortization 380,000 360,000 Selling & Admin. Expenses 290,000 280,000 Earnings before interest and taxes 1,008,000 912,000 Interest expense 220,000 100,000 Earnings before taxes 788,000 812,000 Таxes 197,000 203,000 Net income 591,000 609,000 Rhodes Corporation: Balance Sheets as of December 31 2019 2018 Assets Cash 842,000 500,000 Short-term investments 110,000 100,000 Accounts receivable 2,750,000 2,500,000 Inventories 1,650,000 1,500,000 Total current assets 5,352,000 4,600,000 Gross plant and equipment 4,813,000 4,375,000 Accumulated Depreciation 1,255,000 875,000 Net plant and equipment 3,558,000 3,500,000 Total assets 8,910,000 8,100,000 Liabilities & Owner's Equity Accounts Payable 1,100,000 1,000,000 Accruals 550,000 500,000 Notes Payable 384,000 200,000 Total current liabilities 2,034,000 1,700,000 Long-term debt 1,100,000 1,000,000 Total liabilities 3,134,000 2,700,000 Common stock 4,312,000 4,400,000 Retained earnings 1,464,000 1,000,000 Total common equity 5,776,000 8,910,000 5,400,000 Total liabilities and equity 8,100,000 Note: Tax rate 25%

Rhodes Corporation: Income Statements for Year Ending December 31 2019 2018 Sales 11,000,000 10,000,000 COGS 9,322,000 8,448,000 Gross profit 1,678,000 1,552,000 Depreciation and amortization 380,000 360,000 Selling & Admin. Expenses 290,000 280,000 Earnings before interest and taxes 1,008,000 912,000 Interest expense 220,000 100,000 Earnings before taxes 788,000 812,000 Таxes 197,000 203,000 Net income 591,000 609,000 Rhodes Corporation: Balance Sheets as of December 31 2019 2018 Assets Cash 842,000 500,000 Short-term investments 110,000 100,000 Accounts receivable 2,750,000 2,500,000 Inventories 1,650,000 1,500,000 Total current assets 5,352,000 4,600,000 Gross plant and equipment 4,813,000 4,375,000 Accumulated Depreciation 1,255,000 875,000 Net plant and equipment 3,558,000 3,500,000 Total assets 8,910,000 8,100,000 Liabilities & Owner's Equity Accounts Payable 1,100,000 1,000,000 Accruals 550,000 500,000 Notes Payable 384,000 200,000 Total current liabilities 2,034,000 1,700,000 Long-term debt 1,100,000 1,000,000 Total liabilities 3,134,000 2,700,000 Common stock 4,312,000 4,400,000 Retained earnings 1,464,000 1,000,000 Total common equity 5,776,000 8,910,000 5,400,000 Total liabilities and equity 8,100,000 Note: Tax rate 25%

SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 1BCRQ
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a) Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Please show all dollar amount to thousands of dollars.

b) On another sheet, create a statement of cash flows for 2019. Do not enter any numbers directly on this sheet. All formulas should be linked directly to the source on previous worksheets.

Rhodes Corporation: Income Statements for Year Ending December 31 2019 2018 Sales 11,000,000 10,000,000 COGS 9,322,000 8,448,000 Gross profit 1,678,000 1,552,000 Depreciation and amortization 380,000 360,000 Selling & Admin. Expenses 290,000 280,000 Earnings before interest and taxes 1,008,000 912,000 Interest expense 220,000 100,000 Earnings before taxes 788,000 812,000 Taxes 197,000 203,000 Net income 591,000 609,000 Rhodes Corporation: Balance Sheets as of December 31 2019 2018 Assets Cash 842,000 500,000 Short-term investments 110,000 100,000 Accounts receivable 2,750,000 2,50 Inventories 1,650,000 1,500,000 Total current assets 5,352,000 4,600,000 Gross plant and equipment 4,813,000 4,375,000 Accumulated Depreciation 1,255,000 875,000 Net plant and equipment 3,558,000 3,500,000 Total assets 8,910,000 8,100,000 Liabilities & Owner's Equity Accounts Payable 1,100,000 1,000,000 Accruals 550,000 500,000 Notes Payable 384,000 200,000 Total current liabilities 2,034,000 1,700,000 Long-term debt 1,100,000 1,000,000 Total liabilities 3,134,000 2,700,000 Common stock 4,312,000 4,400,000 Retained earnings 1,464,000 1,000,000 Total common equity 5,776,000 5,400,000 Total liabilities and equity 8,910,000 8,100,000 Note: Tax rate 25%
Transcribed Image Text:Rhodes Corporation: Income Statements for Year Ending December 31 2019 2018 Sales 11,000,000 10,000,000 COGS 9,322,000 8,448,000 Gross profit 1,678,000 1,552,000 Depreciation and amortization 380,000 360,000 Selling & Admin. Expenses 290,000 280,000 Earnings before interest and taxes 1,008,000 912,000 Interest expense 220,000 100,000 Earnings before taxes 788,000 812,000 Taxes 197,000 203,000 Net income 591,000 609,000 Rhodes Corporation: Balance Sheets as of December 31 2019 2018 Assets Cash 842,000 500,000 Short-term investments 110,000 100,000 Accounts receivable 2,750,000 2,50 Inventories 1,650,000 1,500,000 Total current assets 5,352,000 4,600,000 Gross plant and equipment 4,813,000 4,375,000 Accumulated Depreciation 1,255,000 875,000 Net plant and equipment 3,558,000 3,500,000 Total assets 8,910,000 8,100,000 Liabilities & Owner's Equity Accounts Payable 1,100,000 1,000,000 Accruals 550,000 500,000 Notes Payable 384,000 200,000 Total current liabilities 2,034,000 1,700,000 Long-term debt 1,100,000 1,000,000 Total liabilities 3,134,000 2,700,000 Common stock 4,312,000 4,400,000 Retained earnings 1,464,000 1,000,000 Total common equity 5,776,000 5,400,000 Total liabilities and equity 8,910,000 8,100,000 Note: Tax rate 25%
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