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Huffman Trucking accounting problem

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Question;Huffman TruckingBalance Sheet(Unaudited)December 31st2011 2010(In Thousands)AssetsCurrent Assets Cash & Cash Equivalents $89,664 $58,003Accounts Receivable 51,869 81,557Prepaid Expenses & Supplies 6,267 5,529Total Current Assets $147,800 $145,089Carrier Operating Property (at cost) $85,306 $81,461Less: Allowance for Depreciation (69,536) (67,119)Net Carrier Operating Property $15,770 $14,342Assets of Discontinued Operations 7,516 8,739Goodwill (net) 49,852 49,852Other Assets 46,327 37,306Total Assets $267,265 $255,328Liabilities and Shareholders' EquityCurrent Liabilities Accounts Payable $40,843 $45,381Salaries & Wages 37,299 33,014Current Portion of Long-Term Debt 1,752 1,343Freight & Casualty Claims Payable 10,389 9,697Total Current Liabilities $90,283 $89,435Long-Term Liabilities Accrued Pension & Post-Retirement Health Care $64,058 $58,672Long-Term Debt 7,307 6,562Total Long-Term Liabilities $71,365 $65,234Shareholders' Equity Common Stock ($1.00 par value Authorized: 20,000,000 shares) $3.882 $3.882Treasury Shares (1.952) (1.952)Retained Earnings 105,615 100,657Total Shareholders' Equity $105,617 $100,659Total Liabilities and Shareholders' Equity $267,265 $255,328o Huffman TruckingStatement of Income(Unaudited)December 31st2011 2010(In Thousands)Revenue $1,109,295 $969,240Operating Expenses Salaries, Wages & Benefits $406,191 $367,993Fuel Expense 318,737 258,904Operating Supplies and Expenses 117,670 105,875Purchased Transportation 138,140 114,250Operating Taxes & Licenses 19,033 17,753Insurance & Claims 11,995 12,493Provision for Depreciation 3,009 2,773Total Operating Expenses $1,014,775 $880,041Operating Income form Continuing Operations $94,520 $89,199Interest Expense $466 $768Tax Expense 34,887 32,923Net Income $59,167 $55,508

 

Paper#43446 | Written in 18-Jul-2015

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