Daily Archives: February 15, 2011

Nah, Ambik…

This is for ATC students only. Assignment for Financial Management.

QUESTIONS 1

From the scrambled list of items presented in Table 1, prepare an income statement and a balance sheet for Dooley Sportswear Company.

Table 1

Financial Data for Dooley Sportswear, December 31, 1996

Inventory                                    $206,250

Long-term debt                             300,000

Interest expense                                5,000

Accumulated depreciation         442,500

Cash                                              180,000

Net sales (all credit)                   1,500,000

Common stock                              800,000

Accounts receivable                      225,000

Operating expenses                       525,000

Notes payable-current                   187,500

Cost of goods sold                         937,500

Plant and equipment                   1,312,500

Accounts payable                          168,750

Marketable securities                      95,000

Prepaid insurance                            80,000

Accrued wages                                65,000

Retained earnings-current-year                ?

Federal income taxes                         5,750

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