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Presentation/PPT
27/08/2022
HEADLAND INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash$6,000
$7,100
Accounts receivable62,600
51,100
Short-term debt investments (available-for-sale)35,400
18,100
Inventory39,700
59,600
Prepaid rent5,000
4,000
Equipment154,200
128,700
Accumulated depreciation—equipment(35,300
)
(24,800
)
Copyrights45,500
49,800
Total assets$313,100
$293,600
Accounts payable$45,500
$39,800
Income taxes payable4,000
6,000
Salaries and wages payable7,900
3,900
Short-term loans payable8,000
9,900
Long-term loans payable60,600
69,500
Common stock, $10 par100,000
100,000
Contributed capital, common stock30,000
30,000
Retained earnings57,100
34,500
Total liabilities & stockholders’ equity$313,100
$293,600
HEADLAND INC.
INCOME STATEMENT
FOR THE YEAR ENDING DECEMBER 31, 2017
Sales revenue$340,975
Cost of goods sold176,300
Gross profit164,675
Operating expenses119,600
Operating income45,075
Interest expense$11,300
Gain on sale of equipment2,100
9,200
Income before tax35,875
Income tax expense7,175
Net income$28,700
Additional information:
1.Dividends in the amount of $6,100 were declared and paid during 2017.2.Depreciation expense and amortization expense are included in operating expenses.3.No unrealized gains or losses have occurred on the investments during the year.4.Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2017.
statement of cashflows
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