The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets 2018 Cash and securities $3,000 Accounts recelvable 15,000 Inventories Total current assets Net plant and equipment 18,000 $36,000 $24,000 Total assets $60,000 Liabilities and Equity Accounts payable $18.630 Accruals 8,370 Notes payable 6,000 Total current liabilities $33,000 Long-term bonds Total liabilities $9,000 $42,000 Common stock $5,040 Retained earnings 12,960 Total common equity $18,000 Total liabilities and equity $60,000 Income Statement (Millions of $) Net sales 2018 $84,000 Operating costs except depreciation 78,120 Depreciation 1,680 Earnings before interest and taxes (EBIT) $4,200 Less interest 900 Earnings before taxes (EBT) |Тахes Net income $3,300 1,320 $1,980

The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets 2018 Cash and securities $3,000 Accounts recelvable 15,000 Inventories Total current assets Net plant and equipment 18,000 $36,000 $24,000 Total assets $60,000 Liabilities and Equity Accounts payable $18.630 Accruals 8,370 Notes payable 6,000 Total current liabilities $33,000 Long-term bonds Total liabilities $9,000 $42,000 Common stock $5,040 Retained earnings 12,960 Total common equity $18,000 Total liabilities and equity $60,000 Income Statement (Millions of $) Net sales 2018 $84,000 Operating costs except depreciation 78,120 Depreciation 1,680 Earnings before interest and taxes (EBIT) $4,200 Less interest 900 Earnings before taxes (EBT) |Тахes Net income $3,300 1,320 $1,980

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1DC: Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the...

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Exhibit 8.1The balance sheet and income statement shown below are for Pettijohn Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions of $) Assets 2012 Cash and securities $ 1,588.0 Accounts receivable 9,510.0 Inventories 13,700.0 Total current assets $24,798.0 Net plant and equipment 15,272.0 Total assets $40,070.0 Liabilities and Equity Accounts payable $ 7,420.0 Notes payable 5,030.0 Accruals     4,030.0 Total current liabilities $16,480.0 Long-term bonds 10,320.0 Total debt $26,800.0 Common stock 3,720.0 Retained earnings     9,550.0 Total common equity $13,270.0 Total liabilities and equity $40,070.0 Income Statement (Millions of $) 2012 Net sales $59,700.0 Operating costs except depr'n $54,318.0 Depreciation $ 1,229.0…
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