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ACCT 382 - Week 3 - Chapter 3 Homework - Question 7

ACCT 382 - Week 3 - Chapter 3 Homework - Question 7
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ACCT 382 - Week 3 - Chapter 3 Homework - Question 7

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Question 7

The 2013 balance sheet for Hallbrook Industries, Inc., is shown below.

HALLBROOK INDUSTRIES, INC.

Balance Sheet

December 31, 2013

($ in 000s)

  Assets

 

 

 

  Cash

$

200

 

  Short-term investments

 

150

 

  Accounts receivable

 

200

 

  Inventories

 

350

 

  Property, plant, and equipment (net)

 

1,000

 

 




     Total assets

$

1,900

 

 







  Liabilities and Shareholders’ Equity

 

 

 

  Current liabilities

$

400

 

  Long-term liabilities

 

350

 

  Paid-in capital

 

750

 

  Retained earnings

 

400

 

 




     Total liabilities and shareholders’ equity

$

1,900

 

 








  

The company’s 2013 income statement reported the following amounts ($ in 000s)

 

 

 

 

Net sales

$

4,600

 

  Interest expense

 

40

 

  Income tax expense

 

100

 

  Net income

 

160