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    Glenn S Glue Stick Inc

    Uploaded by

    Henry Kim
    Glenn's Glue Stick Inc. had $5,750,000 in sales and $1,493,400 in cost of goods sold in fiscal year 2014, resulting in $4,256,600 in gross income. After $613,250 in operating expenses and $16,000 in interest expenses, the company had $3,627,350 in net income before taxes. After paying $906,837.50 in income taxes, the company had $2,788,013 in net income for the year. Retained earnings increased from $55,000 to $143,013 after paying $2,700,000 in dividends. The company had total assets of $363,100 and

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    Glenn S Glue Stick Inc

    Uploaded by

    Henry Kim
    999 views5 pages
    Glenn's Glue Stick Inc. had $5,750,000 in sales and $1,493,400 in cost of goods sold in fiscal year 2014, resulting in $4,256,600 in gross income. After $613,250 in operating expenses and $16,000 in interest expenses, the company had $3,627,350 in net income before taxes. After paying $906,837.50 in income taxes, the company had $2,788,013 in net income for the year. Retained earnings increased from $55,000 to $143,013 after paying $2,700,000 in dividends. The company had total assets of $363,100 and

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    Glenn's Glue Stick Inc. had $5,750,000 in sales and $1,493,400 in cost of goods sold in fiscal year 2014, resulting in $4,256,600 in gross income. After $613,250 in operating expenses and $16,000 in interest expenses, the company had $3,627,350 in net income before taxes. After paying $906,837.50 in income taxes, the company had $2,788,013 in net income for the year. Retained earnings increased from $55,000 to $143,013 after paying $2,700,000 in dividends. The company had total assets of $363,100 and

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    999 views5 pages

    Glenn S Glue Stick Inc

    Uploaded by

    Henry Kim
    Glenn's Glue Stick Inc. had $5,750,000 in sales and $1,493,400 in cost of goods sold in fiscal year 2014, resulting in $4,256,600 in gross income. After $613,250 in operating expenses and $16,000 in interest expenses, the company had $3,627,350 in net income before taxes. After paying $906,837.50 in income taxes, the company had $2,788,013 in net income for the year. Retained earnings increased from $55,000 to $143,013 after paying $2,700,000 in dividends. The company had total assets of $363,100 and

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Glenn’s Glue Stick Inc.

    Income Statement Items

    Sales $5,750,000

    Inventory September 2013 $21,000

    Purchases $1,500,000

    Inventory September 2014 $27,600

    Expenses

    Gen and admin $38,000

    Selling Expense $65,000

    Depreciation Expense $10,000

    Interest expense $16,000

    Rent expense $40,000


    Glenn’s Glue Stick Inc.
    Income Statement
    For fiscal year 2014

    Sales $5,750,000

    Costs of Goods Sold


    Inventory 2013 $21,000
    Purchases $1,500,000
    Less Inv. 2014 $27,600
    Cost of Goods Sold $1,493,400

    Gross Income $4,256,600

    Operating Expenses
    General and Admin $38,000
    Depreciation $10,000
    Selling Expenses $65,000
    Rent $40,000
    Salaries $350,000
    Machinery Cost $100,000
    Maint&Rep $10250
    Total Operating Expense ($613,250)

    Income From Operations $3,643,350

    Less: Interest Expense ($16,000)

    Net Income Before Tax $3,627,350


    Income Tax 25% ($906,837.5)

    Net Income After Tax $2,788,013


    Glenn’s Glue Stick Inc.
    Statement of Retained Earnings
    Fiscal Year September 2014

    Retained Earnings 2013 $55,000


    Plus: Net Income $2,788,013
    Less: Dividends ($2,700,000)

    Retained Earnings 2014 $143,013


    Glenn’s Glue Stick Inc.
    Balance Sheet
    Fiscal Year 2014

    Assets
    Current Assets
    Cash $25,000
    Accounts Receivable $232,000
    Inventory 2014 $27,600
    Total Current Assets $284,600

    Fixed Assets
    Glue Making Machinery Net $70,000
    Windsurfer $8,500
    Total Fixed Assets $78,500

    Total Assets $363,100

    Liabilities
    Current Liabilities
    Notes Payable $24,000
    Accounts Payable $35,000
    Current Portion Long Term $12,500
    Working Capital Loan $23,587
    Income tax Payable $20,000
    Total Current Liabilities $115,087

    Long Term Liabilities


    Long Term Loan $75,000
    Total Long Term Liabilities $75,000

    Equity
    Common Stock $30,000
    Retained Earnings $143,013

    Total Shareholders Equity $173,013

    Total Liabilities and Shareholders Equity $363,100

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