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FINAL EXAM: ACC/400
K. Smith
The condensed financial statements of Westward Corporation for 2009 and 2008
are presented below.
Westward Corporation
Westward Corporation
Balance Sheet
Income Statement
December 31, 2009
For the Year Ended December 31, 2009
Assets
Revenues
$2,000,000
Current assets
Expenses
Cash and temporary
Cost of goods sold
1,080,000
investments
$
30,000
Selling and administrative
Accounts receivable
70,000
expenses
495,000
Inventories
120,000
Interest expense
30,000
Total current assets
220,000
Total expenses
1,605,000
Property, plant, and
Income before income taxes
395,000
equipment (net)
780,000
Income tax expense
140,000
Total assets
$1,000,000
Net income
$
255,000
Liabilities and Stockholders’ Equity
Current liabilities
$
80,000
Long-term liabilities
300,000
Common stockholders’ equity
620,000
Total liabilities and
stockholders’ equity
$1,000,000

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Westward Corporation
Westward Corporation
Balance Sheet
Income Statement
December 31, 2008
For the Year Ended December 31, 2008
Assets
Revenues
$2,500,000
Current assets
Expenses
Cash and temporary
Cost of goods sold
1,750,000
investments
$
40,000
Selling and administrative
Accounts receivable
90,000
expenses
500,000
Inventories
150,000
Interest expense
30,000
Total current assets
280,000
Total expenses
2,280,000
Property, plant, and
Income before income taxes
220,000
equipment (net)
800,000
Income tax expense
77,000
Total assets
$1,080,000
Net income
$
143,000
Liabilities and Stockholders’ Equity
Current liabilities
$
140,000
Long-term liabilities
320,000
Common stockholders’ equity
620,000
Total liabilities and
stockholders’ equity
$1,080,000
Select data from fiscal year 2007:
Inventory:
$100,000
Total assets:
$900,000
Stockholders’ Equity:
$540,000

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