FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Calabasa Corporation
2019
2018
Balance Sheet
Assets
Cash
$1,020
Property, plant, and equipment
1,547
1,316
Other assets
11,104
Total assets
$14,526
$13,600
Liabilities
Current liabilities
$?
$5,660
Long-term debt
4,350
3,370
35
180
Other liabilities
Total liabilities
$9,200
$?
Stockholders' equity:
Common stock
$425
$425
Retained earnings
Other stockholders' equity
180
140
Total stockholders' equity
4,390
Total liabilities and stockholders' equity
$14,526
$?
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Transcribed Image Text:Calabasa Corporation 2019 2018 Balance Sheet Assets Cash $1,020 Property, plant, and equipment 1,547 1,316 Other assets 11,104 Total assets $14,526 $13,600 Liabilities Current liabilities $? $5,660 Long-term debt 4,350 3,370 35 180 Other liabilities Total liabilities $9,200 $? Stockholders' equity: Common stock $425 $425 Retained earnings Other stockholders' equity 180 140 Total stockholders' equity 4,390 Total liabilities and stockholders' equity $14,526 $?
Calabasa Corporation
2019
2018
Income Statement
(in Thousands)
Revenues
$14,750
Cost of goods sold
(11,100)
Other expenses
(1,300)
(1,200)
Income before income taxes
1,520
1,870
Income taxes (35%)
(655)
Net income
Statemont of Retained Earnings
Beginning balance
$2,680
Net income
Dividends
(92)
(70)
Ending balance
$3,825
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Transcribed Image Text:Calabasa Corporation 2019 2018 Income Statement (in Thousands) Revenues $14,750 Cost of goods sold (11,100) Other expenses (1,300) (1,200) Income before income taxes 1,520 1,870 Income taxes (35%) (655) Net income Statemont of Retained Earnings Beginning balance $2,680 Net income Dividends (92) (70) Ending balance $3,825
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