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Bus 657 Week 1 Assignment

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Financial Statements for 2010:

Jaedan Industries | A: Income Statement | For the year ending December 31, 2010 | | | Sales | $42,000,000 | Cost of Goods Sold | $26,460,000 | Gross Profit | $15,540,000 | Operating Expenses: | | Selling, General and Administrative | $1,621,000 | Depreciation | $800,000 | Earnings before interest and taxes | $13,119,000 | Interest Expense | $375,200 | Earnings before taxes | $12,743,800 | Taxes | $4,332,892 | Net Income | $8,410,908 | Dividends paid | $2,102,727 | Addition to Retained Earnings | $6,308,181 |

Jaedan Industries | B: Statement of Retained Earnings | For the year ending December 31, 2010 | | | Retained Earnings balance from beginning of year | $1,628,819 | Plus: Net Income for 2010 | $8,410,908 | Less: Cash dividends paid during 2010 | | Preferred Stock | $8,000 | Common Stock | $2,102,727 | Total dividends paid | $2,110,727 | Retained earnings balance (December 31, 2010) | $7,929,000 |

Jaedan Industries | C: Balance Sheet | December 31, 2010 | | | Assets | Cash | $3,689,000 | Marketable Securities | $1,836,000 | Accounts Receivable | $5,423,000 | Inventory | $4,118,000 | Total Current Assets | $15,066,000 | Fixed Assets | $14,811,000 | Less: Accumulated Depreciation | $5,960,000 | Net Fixed Assets | $8,851,000 | Total Assets | $23,917,000 | | |

Liabilities and Equity | Accounts Payable | $3,136,000 | Notes Payable | $706,000 | Accruals | $500,000 | Total Current Liabilities | $4,342,000 | Long-Term Bonds | $3,046,000 | Preferred Stock | $100,000 | Common Stock (at par) | $4,000,000 | Paid-in capital in excess of par | $4,500,000 | Retained Earnings | $7,929,000 | Total Liabilities and Equity | $23,917,000 |

Jaedan

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