Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balan income statement for 2019 and 2020 follow. Cullumber Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Sales revenue (all on account) Cost of goods cold 2020 $397,000 1,089,000 733,000 381,400 Liabilities and Stockholders' Equity Current liabilities $3,156,000 Long-term debt 3,702,600 Total liabilities 6,858,600 Preferred stock, $5 par value 58,950 Common stock, $0.25 par value 104,650 Retained earnings 4,194,495 Total stockholders' equity 4,358,095 Total liabilities and stockholders' equity $11,216,695 2,600,400 2,122,000 8,616,295 8,439,830 $11,216,695 $10,561,830 2020 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2019 $10,177,300 $417,450 776,400 681,050 247,100 5.612.200 $2,846,050 3,892,600 6,738,650 58,950 103,850 3,660,380 3,823,180 $10,561,830 2019 $9,613,950 5 709 700
Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balan income statement for 2019 and 2020 follow. Cullumber Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Sales revenue (all on account) Cost of goods cold 2020 $397,000 1,089,000 733,000 381,400 Liabilities and Stockholders' Equity Current liabilities $3,156,000 Long-term debt 3,702,600 Total liabilities 6,858,600 Preferred stock, $5 par value 58,950 Common stock, $0.25 par value 104,650 Retained earnings 4,194,495 Total stockholders' equity 4,358,095 Total liabilities and stockholders' equity $11,216,695 2,600,400 2,122,000 8,616,295 8,439,830 $11,216,695 $10,561,830 2020 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2019 $10,177,300 $417,450 776,400 681,050 247,100 5.612.200 $2,846,050 3,892,600 6,738,650 58,950 103,850 3,660,380 3,823,180 $10,561,830 2019 $9,613,950 5 709 700
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
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