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Consider the following information: Gil's Fish and Tackle, Inc. Balance Sheet At December 31, 2010...

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Accounting

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Consider the following information: Gil's Fish and Tackle, Inc. Balance Sheet At December 31, 2010 Assets S 24,000 175,700 113.300 172,800 100,000 Cash Accounts Receivable (less allowance Inventories Property, Plant and Equipment Long-term Investments $585,800 Total Assets Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable $ 52,700 73.700 117.000 Total Liabilities 243,400 Stockholders' Equity Contributed Capital Retained Eamings 240.000 102.400 Total Stockholders' Equity 342 400 Total Liabilities and Stockholders Equity $585.800 Gil's Fish and Tackle, Inc. Income Statement For the year ending December 31, 2010 Sales Revenue $ 2.975.000 Operating Expenses Salaries and Wages Expense Operatng and Admin, Exoenses Depreciaton Expense 1.013.500 307 700 358 80n

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