FOREVER FREE, INC. Income Statement FOREVER FREE, INC. Comparative Balance Sheet As of December 31, 2018 and 2017 For the Year Ended December 31, 2018 Net Sales Revenue $ 3,500,000 2018 2017 Cost of Goods Sold 2,200,000 Assets Gross Profit 1,300,000 Cash $ 64,000 $ 52,000 Operating Expenses Operating Income 950,000 Acsounts Reseivable 49,200 17,800 350,000 Supplies 1,000 400 Other Income and (Expensei): Property. Plant, and Equipment, net 331,800 229,800 Interest Expense (27,000) Patents, net 135,000 119,000 Income Before Income Tax Expense 323,000 Total Assets S 581,000 $ 419,000 Income Tax Expense 113,050 Net Income S 209,950 Liabilities and Stockholders' Equity Accounts Payable $ 19,000 $ 17,000 136,000 Short-term Notes Payable 42,000 Long-term Notes Payable 184,000 114,500 Common Stock, no Par 232,000 242,000 Retained Earnings 12,000 1,500 Total Liabilities and Stockholders' Equity $ 581,000 $ 419,000

FOREVER FREE, INC. Income Statement FOREVER FREE, INC. Comparative Balance Sheet As of December 31, 2018 and 2017 For the Year Ended December 31, 2018 Net Sales Revenue $ 3,500,000 2018 2017 Cost of Goods Sold 2,200,000 Assets Gross Profit 1,300,000 Cash $ 64,000 $ 52,000 Operating Expenses Operating Income 950,000 Acsounts Reseivable 49,200 17,800 350,000 Supplies 1,000 400 Other Income and (Expensei): Property. Plant, and Equipment, net 331,800 229,800 Interest Expense (27,000) Patents, net 135,000 119,000 Income Before Income Tax Expense 323,000 Total Assets S 581,000 $ 419,000 Income Tax Expense 113,050 Net Income S 209,950 Liabilities and Stockholders' Equity Accounts Payable $ 19,000 $ 17,000 136,000 Short-term Notes Payable 42,000 Long-term Notes Payable 184,000 114,500 Common Stock, no Par 232,000 242,000 Retained Earnings 12,000 1,500 Total Liabilities and Stockholders' Equity $ 581,000 $ 419,000

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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