Final Accounting paper

final_paper_spreadsheet._student_copy.xlsx

ABC Co Consolida Financial Info

ABC Company's current financial information (before/without expansion)
	Dec. 31,19X2	Dec. 31,19X1
Cash	$ 50,000	$ 70,000
Accounts receivable (net)	$ 120,000	$ 180,000
Merchandise inventory	$ 350,000	$ 280,000
Property plant, & equipment	$ 400,000	$ 300,000
Less: Accumulated depreciation	$ (170,000)	$ (100,000)
Total assets	$ 750,000	$ 730,000
Accounts payable	$ 250,000	$ 210,000
Income taxes payable	$ 40,000	$ 10,000
Common stock	$ 240,000	$ 240,000
Retained earnings	$ 220,000	$ 270,000
Total liabilities & stock, equity	$ 750,000	$ 730,000
The firm's accrual-basis income statement revealed the following data:
Sales	$ 1,200,000
Cost of goods sold	$ 800,000
selling and administrative expenses	$ 250,000
Depreciation expense	$ 70,000
Income taxes	$ 30,000
Dividends declared and paid during 19X2	$ 100,000
ABC purchased $10,000 of equipment for cash on August 14.
(There was no interest expense.)

Based on Chapter 5's exercise 5
ABC's Product information
	Current Product	Expansion Product (estimate)
Selling Price	$14.50	?
Units produced and expected to be sold	80,000	5,000
Machine Hours	40,000	5,000
Direct Materials	$1.30 per unit	$5.60 per unit
Direct labor dollars needed per product	$2.80 per unit	$4.00 per unit
Variable Factory Overhead	$1.00 per Machine Hour	$1.00 per Machine Hour
Variable Selling Expense	$0.20 per unit	$0.20 per unit
Total Fixed Costs:
Fixed Factory Overhead	$ 198,000
Fixed Selling expenses	$ 191,250