In: Accounting
Elements of the Income Statement for Hofstadter Experiments Ltd. follow:
2020 |
2019 |
|
Net Sales (all credit) |
$1,498,000 |
$1,200,000 |
Cost of goods sold |
1,043,000 |
820,000 |
Net Income |
91,000 |
76,500 |
Highlights of the Balance Sheet:
2020 |
2019 |
|
Cash |
$90,500 |
$64,700 |
Temporary Investments |
75,000 |
60,000 |
Accounts receivable (net) |
115,000 |
120,000 |
Inventories |
264,000 |
283,000 |
Prepaid expenses |
5,500 |
5,300 |
Total current liabilities |
210,000 |
243,000 |
Total liabilities |
310,000 |
443,000 |
Total common shareholders’ equity |
829,500 |
787,500 |
Required: (Round all answers to 2 decimal places).