Finance Assignment | Top Essay Writing

See the following financial information (Income Statement and balance Sheet) for Thornton Company for the years ending December 31, 1998 and 1999.

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1998                     1999

Notes Payable                                                $250,000               $220,000

Inventories                                                     $530,000               $490,000

Long-term Investment (Long-term Asset)      $70,000                 $80,000

Sales                                                              $2,500,000           $2,900,000

Corporate Bond (Long-term Debt)                $580,000               $650,000

Annual Depreciation                                      $100,000               $110,000

Excess Paid in Capital                                    $100,000               $130,000

Taxes                                                             $70,000                 $90,000

Cash                                                                        ??                       ??

Accumulated Depreciation                             $200,000               $310,000

Accounts Payable                                          $540,000               $500,000

Costs of Good Sold                                       $1,600,000           $1,900,000

Interest Expenses                                           $80,000                 $90,000

Retained Earnings                                         $180,000               $210,000

Common Stock                                              $100,000               $150,000

Gross Plant & Equipment                              $1,000,000           $1,310,000

Selling & Administrative Expense                 $300,000               $450,000

Accounts Receivable                                      $180,000               $230,000

Marketable Securities                                    $20,000                 $20,000

Accrued Expenses                                         $70,000                 $50,000

Total Shares Outstanding                               100,000                 150,000

R&D Expense                                                $170,000               $190,000

  1. What is the Net Plant & Equipment in 1998 and 1999? (6 points)
  1. Calculate the Cash balance in 1998 and 1999? (8 points)
  1. What is firm’s Net Income in 1998 and 1999? (8 points) Get Finance homework help today