The CFO for Fin Tackle Company, a manufacturer of fine fishing


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The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies has provided you the following information from his company records. From the information presented prepare a properly formatted, multi-step Income Statement (i.e. showing intermediate profit lines Gross Profit, EBITDA, NOI, EBIT, EBT, and NI, as necessary). Per Share presentation of income data is not being requested. Balance sheet account information is as of the close of business for December 31, 2006 unless otherwise indicated. Income statement information is applicable for the entire calendar year 2006 unless otherwise indicated. The company’s income tax rate is 40%. The company did not purchase or dispose any depreciable long-term assets. (watch out –you may have more information than is needed to complete this problem). Sales/Revenues $500,000 Property Tax Expense $ 80,000 Cash $ 10,000 Selling Expenses $ 20,000 Unearned Revenues $ 15,000 Prepaid Insurance $ 10,000 General and Administrative Expenses $ 15,000 Purchase of Goods for sale $ 75,000 Inventory available for sale as of 1/1/2006 $ 100,000 Inventory available for sale as of 12/31/2006 $ 95,000 Accum. Depreciation on Plant, Property, Equipment (as of 1/1/06) $120,000 Accum. Depreciation on Plant, Property, Equipment (as of 12/31/06) $150,000 Plant, Property, Equipment $500,000 Long-term debt $ 50,000 Dividends declared and paid to shareholders $ 40,000 Dividend Income $ 45,000 Interest Income $ 3,000 Interest Expense $ 2,000 Net Accounts Receivables $ 15,000 Retained Earnings $ 60,000 Infrequent loss associated with a weather event $ 3,000 Accounts Payable $ 15,000 Bad Debt Expense $ 5,000 tyghhhui
posted a question · Apr 28, 2013 at 1:42pm

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