Talbert Corp Comparative Balance Sheet December 31, 2017 December 31, 2016 Assets Cash 440,000 200,000 Short-Term...

Talbert Corp

Comparative Balance Sheet

	December 31, 2017	December 31, 2016
Assets
Cash	440,000	200,000
Short-Term Investments	600,000	------------
Accounts Receivable (Net)	1,020,000	1,020,000
Inventory	1,380,000	1,200,000
Long-Term Investments	400,000	600,000
Plant Assets	3,400,000	2,000,0000
Accumulated Depreciation	(900,000)	(900,000)
Patent	180,000	200,0000
Total Assets	6,520,000	4,320,000

Liabilities and Stockholder’s Equity
A/P and Accrued Liabilities	1,660,000	1,440,000
Notes Payable (nontrade)	580,000	------------
Common Stock, $10 par	1,600,000	1,440,000
Additional Paid in Capital	800,000	500,000
Retained Earnings	1,880,000	980,000
Total Liabilities and Equity	6,520,000	4,320,000

Information relating to 2017 activities:

Equipment costing $1,000,000 and having a book value of $320,000 was sold for $360,000.

A long-term investment was sold for $320,000. There were no other transactions affecting long-term investments in 2017.

20,000 shares of common stock were issued in 2017 for $25 a share.

Short-term investments consist of treasury bills maturing on 6/30/18.

INCOME STATEMENT

For the Year Ended December 31, 2017

Sales	$4,040,000
Cost of Sales	($2,200,000)
Gross Profit	$1,840,000
Operating Expense	($300,000)
Income from Operations	$1,540,000
Gain on Sale of Assets	$160,000
Income Tax Expense	($200,000)
Net Income	$1,500,000

INSTRUCTIONS:

1.) Make a statement of cash flows, including a sheet of your tables.

2.) Calculate horizontal and vertical analysis and any ratios possible and discuss your findings.

Expert Solution

ekkarill92 answered 2 years ago

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