The Maris Corporation income statement for 20X1 shows sales of $3.3 million and net income of $250,000. Cost of goods sold was $1.95 million. Operating expenses including selling, administrative, and depreciation expenses totaled $650,000 + $230,000 = $880,000. Interest expense was $80,000 and taxes were $140,000. Earnings per share were $1.60.
The comparative balance sheets for 20X0 and 20X1 show total assets increasing from $2.36 million to $2.75 million, with plant and equipment as the main increase. Total liabilities increased from $970,000 to $1.126
The Maris Corporation income statement for 20X1 shows sales of $3.3 million and net income of $250,000. Cost of goods sold was $1.95 million. Operating expenses including selling, administrative, and depreciation expenses totaled $650,000 + $230,000 = $880,000. Interest expense was $80,000 and taxes were $140,000. Earnings per share were $1.60.
The comparative balance sheets for 20X0 and 20X1 show total assets increasing from $2.36 million to $2.75 million, with plant and equipment as the main increase. Total liabilities increased from $970,000 to $1.126
The Maris Corporation income statement for 20X1 shows sales of $3.3 million and net income of $250,000. Cost of goods sold was $1.95 million. Operating expenses including selling, administrative, and depreciation expenses totaled $650,000 + $230,000 = $880,000. Interest expense was $80,000 and taxes were $140,000. Earnings per share were $1.60.
The comparative balance sheets for 20X0 and 20X1 show total assets increasing from $2.36 million to $2.75 million, with plant and equipment as the main increase. Total liabilities increased from $970,000 to $1.126
The Maris Corporation income statement for 20X1 shows sales of $3.3 million and net income of $250,000. Cost of goods sold was $1.95 million. Operating expenses including selling, administrative, and depreciation expenses totaled $650,000 + $230,000 = $880,000. Interest expense was $80,000 and taxes were $140,000. Earnings per share were $1.60.
The comparative balance sheets for 20X0 and 20X1 show total assets increasing from $2.36 million to $2.75 million, with plant and equipment as the main increase. Total liabilities increased from $970,000 to $1.126
Income Statement For the Year Ended December 31, 20X1
Sales P3,300,000 Cost of goods sold 1.950,000 Gross profits 1,350,000 Selling and administrative expens, 650,000 230,000 Depreciation expénse 470,000 Operating income 80,000 Interest expense 390,000 Earnings before taxes 140,000 Taxes 250,000 Earnings after taxes Preferred stock dividends 10,000
Earnings available to common stockholders P 240.000
150,000 Shares outstanding P1.60 Earnings per share
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Maris Corporation Comparative Statements of Financial Position For the Years Ended 20X0 and 20X1 ss e 20X0 20X1
Assets Current assets Cash P 100,000 P 120,000 Accounts receivable (net) 500,000 510,000 Inventory 610,000 640,000 Prepaid expenses 60,000 30,000 Total Current assets b1,270,000 b 1,300,000 Investments (long-term securities) 90,000 80,000 Plant and equipment 2,000,000 2,600,000 Less: Accumulated Depreciation 1,000,000 1230,000 Net plant and equipment 1,000,000 1,370,000 Total assets P2,360,000 P2,750.000 i Liabilities and Owners' equity Current liabilities Accounts payable P 300,000 P 550,000 Notes payable 500,000 500,000 Accrued expenses 70,000 50,000 Total current liabilities 870,000 1,100,000 Long-term liabilities Bonds payable, 20X7 100,000 160,000 Total liabilities P 970,000 P1,126,000
Owners' equity Preferred stock, P100 par value P 90,000 P 90,000 Common stock, P1 par value 150,000 150,000 Capital paid in excess of par 350,000sa e 350,000 Retained earnings 800,000 0 900,000 Total owners' equity P1,390,000 P1490,000 Total liabilities and owners' equity P2,360,000 P 2.750.00
