OG Corporation’s balance sheet and income statement is listed below. Balance Sheet
Posted: Wed Jul 06, 2022 6:40 pm
OG Corporation’s balance sheet and income statementis listed below.
BalanceSheet ThisYear LastYear
Cash
50,000
40,000
Accounts receivable
80,000
60,000
Inventories
180,000
110,000
Plant & equipment
300,000
260,000
Less accumulated depreciation
-40,000
-20,000
Total assets
570,000
450,000
Accounts payable
100,000
150,000
Accrued liabilities
70,000
50,000
Mortgage payable
80,000
Common stock
130,000
90,000
Retained earnings
190,000
160,000
Total liabilities andequity
570,000
450,000
IncomeStatement ThisYear LastYear
Net Sales
680,000
600,000
Cost of goods sold
410,000
330,000
Gross profit
270,000
270,000
Operating expenses
190,000
192,000
Operating income
80,000
78,000
Interest expense
7,000
2,000
Profit before taxes
73,000
76,000
Taxes
22,000
22,800
Net income
51,000
53,200
Other data:
Answer the following fivequestions pertaining to the OG Corporation and bespecific.
BalanceSheet ThisYear LastYear
Cash
50,000
40,000
Accounts receivable
80,000
60,000
Inventories
180,000
110,000
Plant & equipment
300,000
260,000
Less accumulated depreciation
-40,000
-20,000
Total assets
570,000
450,000
Accounts payable
100,000
150,000
Accrued liabilities
70,000
50,000
Mortgage payable
80,000
Common stock
130,000
90,000
Retained earnings
190,000
160,000
Total liabilities andequity
570,000
450,000
IncomeStatement ThisYear LastYear
Net Sales
680,000
600,000
Cost of goods sold
410,000
330,000
Gross profit
270,000
270,000
Operating expenses
190,000
192,000
Operating income
80,000
78,000
Interest expense
7,000
2,000
Profit before taxes
73,000
76,000
Taxes
22,000
22,800
Net income
51,000
53,200
Other data:
Answer the following fivequestions pertaining to the OG Corporation and bespecific.