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Income Statement Sales revenue $50 Cost of goods sold 30 Gross profit (gross margin) 20 Selling...

Income Statement

Sales revenue

$50

Cost of goods sold

30

Gross profit (gross margin)

20

Selling and administrative expenses

10

Income before taxes

A

Income tax expense

4

Net Income

$6

Earnings per share

E

Balance Sheet

Cash

$2

Liabilities:

Inventory

5

Accounts payable

$1

Current assets

B

Equipment, at cost

10

Shareholders’ Equity:

Less: accumulated depreciation

C

Common stock, $1 par value per share

10

Equipment, net of depreciation

6

D

Total assets

$13

Total liabilities and s/equity

$13

A. Income before taxes $____

B. Total current assets are $ ____

C. Accumulated depreciation is $_____

D. Retained earnings are $____

E. Earnings per share is $______

business   accounting   
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Answer #1

Amt in $ 50 30 20 10 Particulars Sales Revenue Cost of Goods Gross Margin Less: Selling and Administartive Expend Income before Taxes Income Taxe Expenses Net Income Earnings per Share 4 6 Balance Sheet Amt in LIABILITIES Amt in $ ASSETS CURRENT ASSETS Cash Inventory Total current assets Equipment Less: accumulated Depreciation Equipment, net of Deprecaiation TOTAL ASSETS Current Liabilities Account Payable 5 OWNERS EQUITY Common Stock, $ 1 par value per Share Retained earnings 10 10 6 13 Total Liabilities and Owners equity 13A Income before taxes $10 ($ 20 $ 10) B Total Current assets $7 ($ 2 $5) C Accumulated Depreciation = $ 4 ( $ 10-$ 6 ) D Retained earnings $2 ($ 10 +$1-$13) E Earnings per share $0.6 Formula: Earnings per share -Earnings for equity shares/number of common share - Net income No. of shares -$6/10 (i.e; $ 10/$ 1) 0.6

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