Handyman Company Comparative Balance Sheet Year-End 2012 Assets Current assets:

Question

Handyman Company Comparative Balance Sheet Year-End 2012 Assets Current assets: Cash Inventories Accounts receivable Total current assets 10.00 153.00 27.00 190.00 Fixed assets: 199.00 9.00 190.00 and equip Pro Accumulated depr Net fixed assets ation Total assets $380.00 Liabilities and owner's equi Current liabilities: Accounts payable Short-term loans payable Total current liabilities 74.00 10.00 $84.00 Long-term liabilities: Long-term debt Total long-term liabilities 207.00 $207.00 Total Liabilities $291.00 Owner's equi ital stock Retained earnings Total owner's equit 50.00 39.00 $89.00 Total lia bilities and owner's equi $380.00

Explanation / Answer

Handymade Company Comparitive Income Statement For the year ended december 31 2013 Sales 980 (700*140%) COGS 726.6 (500*140%) Gross Margin 253.4 Interest Expenses 9 Other Operating Expenses 160 Income before income tax 84.4 Income Tax 28.13333333 Met Income 56.26666667

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