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Jane Austin Bookstore ? Financial Analysis




Question;2) The following;financial statements are to be used to answer the following questions: (5;points each, total 35 points);Jane Austin Bookstore;Balance Sheet;December 31, 2012;Assets;Liabilities and Stockholder's Equity;Cash and;equivalents;$5,000;Accounts;Payable;$10,000;Accounts;receivable;$12,000;Taxes Payable;$4,500;Inventory;$25,000;Other Liabilities;$2,500;Prepaid;Expenses;$3,000;Mortgage;payable;$60,000;Land;$54,000;Total Liabilities;$77,000;Building;$63,000;Accmulated;Depreciation - Building;????;$51,000;Common Stock;$30,000;Trucks;$20,000;Retained;earnings;????;Accmulated;Depreciation - Trucks;$18,000;$2,000;Total;Stockholder's equity;$75,000;Total Assets;$152,000;Total;Liabilities and Stockholder's Equity;$152,000;Jane Austin Bookstore;Income Statement;For the year ended December 31, 2012;Book Sales;$100,000;Cost of goods;sold;????;Gross Profit;$35,000;Operating;expenses;Selling and administrative expense;$14,000;Depreciation expenses;$8,000;Total operating expense;$22,000;Income from;operations;$13,000;Income tax;(35%) expense;$4,550;Net Income;$8,450;What is the Accumulated Depreciation for Buildings on;December 31, 2012?;A) $12,000;B) $51,000;C) $63,000;D) $114,000;What is the Cost of goods sold for the year ended December;31, 2012?;A) $8,000;B) $12,000;C) $65,000;D) $100,000;What are the total current assets as of December 31, 2011?;A) $17,000;B) $45,000;C) $99,000;D) $152,000;What is the ending retained earnings balance as of December;31, 2012?;A) $30,000;B) $45,000;C) $758,000;D) $452,000;If Jane Austin Bookstore sold 10,000 books during 2012;what is the average selling price per book?;A) $3.50;B) $6.50;C) $7.25;D) $10.00;If trucks are depreciated over ten years with no residual;value, how many years has Jane Austin Bookstore had this truck?;A) 1 year;B) 6 years;C) 9 years;D) 10 years;What are total long-term assets?;A) $53,000;B) $54,000;C) $107,000;D) $137,000


Paper#37565 | Written in 18-Jul-2015

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