BIB CORPORATION
SOLUTIONS
(enter answers here)
Part I —- Derive/Calculate missing amounts
2013
2012
2013
2012
Revenues
$ k
$ 15,500
$ k
$ 15,500
Cost of goods sold
(11,020)
( a)
(11,020)
( a)
Other expenses
(1,280)
(1,180)
(1,280)
(1,180)
Income (loss) before income taxes
1,590
(88)
1,590
(88)
Income taxes (35% tax rate)
( l )
0
( l )
0
Net income (loss)
$ m
$ ( b)
$ m
$ ( b)
Beginning balance
$ n
$ 3,954
$ n
$ 3,954
Net income (loss)
o
c
o
c
Dividends
(96)
(70)
(96)
(70)
Ending balance
$ p
$ d
$ p
$ d
Assets:
Cash
$ q
$ e
$ q
$ e
Accounts receivable, net
187
0
187
0
Property, plant and equipment, net
1,433
1,514
1,433
1,514
Other assets
r
10,617
r
10,617
Total assets
$ s
$ 13,251
$ s
$ 13,251
Liabilities:
Current liabilities
$ t
$ 2,820
$ t
$ 2,820
Notes payable and long-term debt
4,400
6,190
4,400
6,190
Deferred liabilities
90
110
90
110
Total liabilities
$ 9,200
$ f
$ 9,200
$ f
Stockholders’ Equity:
Common stock, $1 par, 300 shares authorized, 225 shares issued
$ u(1)
$ g(1)
$ u(1)
$ g(1)
Retained earnings
u(2)
g(2)
u(2)
g(2)
Other stockholders’ equity
190
110
190
110
Total stockholders’ equity
v
4,131
v
4,131
Total liabilities and stockholders’ equity
$ w
$ h
$ w
$ h
Net cash provided by operating activities
$ x
$ 850
$ x
$ 850
Net cash used in investing activities
(560)
(450)
(560)
(450)
Net cash used in financing activities
(240)
(550)
(240)
(550)
Increase (decrease) in cash
(80)
i
(80)
i
Cash at beginning of year
y
1,270
y
1,270
Cash at end of year
$ z
$ j
$ z
$ j
State if these amounts could be calculated using different methods
c
g(1)
h
l
q
s