CROSBY, INC.
2017 Income Statement
Sales $746,000
Costs 581,000
Oth...
Business, 05.03.2020 12:08 AleOfficial101
CROSBY, INC.
2017 Income Statement
Sales $746,000
Costs 581,000
Other expenses 17,000
Earnings before interest and taxes $ 148,000
Interest paid 13,000
Taxable income $ 135,000
Taxes (23%) 31,050
Net income $ 103,950
Dividends $ 31,185
Addition to retained earnings 72,765
CROSBY, INC.
Balance Sheet as of December 31, 2017
Assets Liabilities and Owners' Equity
Current assets Current liabilities
Cash $ 20,540 Accounts payable $ 54,700
Accounts receivable 43,480 Notes payable 13,900
Inventory 90,960 Total $ 68,600
Total $ 154,980 Long-term debt $ 129,000
Fixed assets Owners' equity
Net plant and- Common stock and-
equipment $422,000 paid-in surplus $114,000
Retained earnings 265,380
Total $379,380
Total assets $576.980 Total liabilities and
owners' equity $576,980
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