Blue Bill Corporation
rubyCpaMbaComplete the yellow highlighted cells on the balance sheet and income statement using the following information:
2010 2009
Accounts Receivable $1,200,000 $1,000,000
Allowance for Doubtful Accounts 35,000 50,000
Income Tax Expense 100,000 120,000
Blue Bill Corporation
Income Statement
For the year ended 2010
2010 2009
Net sales $4,250,000 $5,175,000
Cost of goods sold$2,220,000 $2,605,000
Gross Profit
Operating Expenses$650,000 $720,000
Other Expenses $120,000 $115,000
Earnings Before Interest and Taxes (EBIT)
Net interest expenses $0 $15,000
Income Tax Expense
Net Earnings
Earnings per share (1,250 shares issued)
Blue Bill Corporation
Balance Sheet
December 31, 2010
2010 2009
Current assets
Cash and cash equivalents $500,000 $450,000
Accounts receivable
Less: Doubtful accounts
Inventory $2,912,000 $1,980,000
Other current assets $45,000 $50,000
Total current assets
Net property, plant, and equipment$250,000 $200,000
Other assets $16,000 $15,000
Total assets
Current liabilites
Accounts payable $1,000,000 $900,000
Other current liabilities $35,000 $22,000
Long-term debt $900,000 $930,000
Equity $1,793,000
Total liabilities and equity
12 years ago
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