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USE THE FOLLOWING FINANCIAL STATEMENTS TO ANSWER QUESTIONS 2 and 3 Balance Sheet Columbia Industries Inc. Years ending December 31 (in millions) Cash Accounts receivable Inventory 24,000 30,000 $ 40,000 9,000 Total Current Assets Net plant and equipment Total assets $116,000 $285,000 $401,000 $122,000 $295,000 $417,000 Liabilities and stockholders' equity Notes payable Accounts payable to suppliers Accruals 6,000 49,000 21,000 37,000 Total current liabilities Long-term debt Common stock ($2.00 par value) Capital surplus Retained earnings 71,000 150,000 25,000 90,000 65,000 $401,000 $ 60,000 156,000 30,000 91,000 80.000 $417,000 Total Liabilities and Equity Income Statement Columbia Industries Inc. Year ending December 31,2002 $600,000 Sales Cost of goods sold $210,000 80,000 General and administrative Depreciation Operating income Earnings before taxes Net income 110,000 38,000 72,000 24,000 $ 48,000 Interest expense
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