Balance sheet presentation

Given the following information, prepare, in good form,
an income statement for the Dental Drilling Company as of December 31, 2003

Selling and administrative expense $ 60,000

Depreciation expense 70,000

Sales 470,000

Interest expense 40,000

Cost of goods sold 140,000

Taxes 45,000

3 Database Systems is considering expansion into a new
product line Assets to support expansion will cost $500,000 It is estimated
that Database can generate $1,200,000 in annual sales, with a 6 percent profit
margin What would net income and return on assets (investment) be for the
year?

4 For ABC Corporation as of December 31, 2002 prepare a
Balance Sheet in proper order based on the following information

Arrange the following items in proper balance sheet
presentation

Accumulated depreciation $300,000

Retained earnings 96,000

Cash 10,000

Bonds payable 136,000

Accounts receivable 48,000

Plant and equipment?original cost 680,000

Accounts payable 35,000

Allowance for bad debts 6,000

Common stock $1 par, 100,000 shares outstanding 100,000

Inventory 66,000

Preferred stock, $50 par, 1,000 shares outstanding 50,000

Marketable securities 20,000

Investments 20,000

Notes payable 33,000

Capital paid in excess of par (common stock) 88,000

Solution:

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