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Cartell Paper Products
Balance Sheet
December 31, 2012 and 2011
12/31/12 12/31/11
Current Assets:
Cash $4,600 $3,100
Accounts Receivable 9,600 7,900
Inventory 17,500 18,600
Supplies 1,200 2,100
Prepaid Insurance 1,400 1,000
Total Current Assets 34,300 32,700
Long-term Assets:
Fixed Assets 71,000 58,000
Accumulated Depreciation (30,400) (26,500)
Patent 6,000 7,100
Total Long-term Assets 46,600 38,600
Total Assets $80,900 $71,300
Current Liabilities:
Accounts Payable $6,100 $4,900
Wages Payable 2,200 2,600
Interest Payable 800 1,000
Taxes Payable 2,300 1,600
Total current Liabilities 11,400 10,100
Long-term Liabilities: Bonds Payable 20,300 24,000
Total Liabilities 31,700 34,100
Stockholders Equity:
Common Stock 22,700 20,000
Retained Earnings 26,500 17,200
Total Stockholders Equity 49,200 37,200
Total Liabilities and Stockholders Equity $80,900 $71,300
Cartell Paper Products
Income Statement
For the Year Ended December 31, 2012
Sales $147,600
Cost of Goods Sold 63,800
Gross Profit 83,800
Less Operating Expenses:
Wages Expense $40,100
Supply Expense 3,600
Insurance Expense 3,000
Depreciation Expense 3,900
Amortization Expense 1,100
Rent Expense 5,400 57,100
Operating Income 26,700
Interest Expense 2,600
Income before Taxes 24,100
Income Tax Expense 10,800
Net Income $13,300
Referring to Exhibit 5-1, what was the cash collected from customers by Cartell Paper Products in 2012?
$138,000
$145,900
$147,600
$149,200
$157,200
Answer & Explanation
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