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