90.2K

Verified Solution

Link Copied!

ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES 3,315,938 640,652 COST OF SALES GROSS PROFIT OPERATING EXPENSES: Advertising Auto and Truck Expenses Bank Service Charges Credit Card Fees Depreciation Insurance Legal and Accounting Miscellaneous Payroll Taxes Rent Repairs and Maintenance Supplies Travel Utilities Wages Total Operating Expenses OPERATING INCOME (LOSS) 5,264 3,686 3,158 16,621 8,436 24,511 15,943 10,963 29,931 36,000 34,370 35,748 7,071 28,338 199,537 2009 6,237 INTEREST EXPENSE NET INCOME BEFORE TAXES INCOME TAXES: (tax rate is 40%) Taxes NET INCOME ABC Company, LLC Balance Sheet As of December 31, 2016 (Actual Dollars) 418.400 10.300 41,810 20 234 488 44 CURRENT ASSETS: Cash Marketable Securities Trade Accounts Receivable Inventory Total Current Assets Other Assets PROPERTY AND EQUIPMENT: Machinery and Equipment Less: Accumulated Depreciation Net Property and Equipment TOTAL ASSETS 49,085 937,100 199.912 737 188 DEFE 1,274,817 $ CURRENT LIABILITIES: Current Portion of Long-Term Debt Accounts Payable Credit Cards Payable Total Current Liabilities LONG-TERM LIABILITIES Bond Series 1 3.500 Bond Series 2 5.50% Total Long-term Liabilities 10,000 104,850 35007 149,857 $ 13.50% Series 2 5.505 8.000 74 842 82,842 $ 232699 TOTAL LIABILITIES SHAREHOLDER'S EQUITY Retained earnings Common Stock: 500,000 shares outstanding 1,042,118 TOTAL LIABILITIES AND SHAREHOLDER S EQUITY $ 1.274 817 Note: 2015 was omitted from this statement 3) RE ABC Company, LLC Statements of Shareholder's Equity For the Year Ended December 31, 2016 (Actua/ Dodars] 1,062,515 104.903 MEMBER'S EQUITY - BEGINNING (2016) Net income: 2018 Year-end Quarterly Dividend MEMBER'S EQUITY-ENDING (2016) (125.000 1.042418

Answer & Explanation Solved by verified expert

See Answer