You are given the following information about Clarkesville Plumbing Company. Revenues last year totaled $896, depreciation expenses $75, costs of goods sold $365, and interest expenses $54. At the end of the year, current assets were $121 and current liabilities were $107. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement.
•Given the following information about the Elkridge Sporting Goods, Inc., construct a balance sheet for the period ending June 30, 2011. On that date the firm had cash and marketable securities of $25,135, accounts receivables of $43,758, inventory of $167,112, net fixed assets of $325,422, and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $223,125, and common stock of $150,000. How much retained earnings does the firm have?
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