week 7 course project final
Financial Data of New York Traders Inc. as of January 1, 2016
|
Accounts Payable |
200,500 |
|
Account Receivable |
165,700 |
|
Accumulated Depreciations |
350,000 |
|
Additional Paid-In Capital |
40,000 |
|
Allowance for Doubtful Accounts |
2,650 |
|
Building and Equipment |
1,120,000 |
|
Cash |
45,300 |
|
Common Stock |
544,850 |
|
Copyrights |
112,000 |
|
Customer Deposits (expected to be paid in 2017) |
375 |
|
Goodwill |
225,000 |
|
Income Taxes Payable |
42,340 |
|
Inventories @ $25/unit |
315,250 |
|
Long-term Investments in Warren Co. |
95,630 |
|
Deposits With Vendors |
47,200 |
|
Land |
125,000 |
|
Mortgage Payable ($2,780 per month) |
667,200 |
|
2% Notes Payable to Banks ( due 2017) |
26,000 |
|
Notes Receivable (due 2017) |
16,000 |
|
Patents |
219,335 |
|
Retained Earnings |
127,500 |
|
Trademarks |
115,000 |
|
Twenty-year, 12% Bonds, Due 1/1/2020 |
600,000 |
|
Deposts with Vendors |
47,200 |
Financial Data of New York Traders Inc. for the Year 2016
|
1 |
Finished Goods inventory purchased from suppliers on account. 2/10/2016 10,000 units @ $26 each 6/12/2016 15,000 units @ $28 each 10/23/2016 12,000 units @ $29 each 11/25/2016 8,000 units @ $30 each New York Traders Inc. uses periodic inventory system and LIFO costing method. All purchases and sales Are made on account. |
|
2 |
Payments made to suppliers on account during 2016 are $1,124,450. |
|
3 |
Sales made to customers on account are 49,356 units @ $36 each |
|
4 |
Cash collected from customers during 2016 is $1,750,700 |
|
5 |
Total Interest paid on Notes Payable and Bonds Payable amounted to $17,415 |
|
6 |
Rental Income on property leased out $ 25,650 |
|
7 |
New York Traders Inc. was operating a retail store at Chicago. Original cost of building and Equipment was $120,000 with a book value of $95,000. During 2016 New York traders disposed of this store at a loss of $35,800. |
8 New York Traders Inc. wants to make an allowance for doubtful debts at 2% on accounts receivable for the year 2016.
9 Selling and Administrative expenses are $128,475. These expenses include $56,000
depreciation expense on Building and Equipment but exclude bad debts expenses.
10 Income Tax Expense paid is $90,500. New York Traders Income Tax Rate for 2016 is
30%