Fоr the next 15 questiоns, use the finаnciаl stаtements fоr Bailey Corporation to compute the following statistics. Make all calculations as of the end of Year 2, but make sure to notice the order that the years are reported on the balance sheet. Balance SheetAs of December 31 Year 2 Year 1 Cash $21,000 $20,000 Accounts Receivable 74,000 70,000 Inventory 55,000 65,000 Equipment (net) 110,000 125,000 Total Assets $260,000 $280,000 Accounts Payable $37,000 $43,000 Interest Payable 13,000 17,000 Bonds Payable 15,000 15,000 Common Stock, $10 par 100,000 100,000 Retained Earnings 95,000 105,000 Total Liab & OE $260,000 $280,000 Income Statement For the year ending December 31, Year 2 Net Sales $360,000 Cost of Goods Sold 216,000 Gross Profit $144,000 Operating Exp. $90,000 Interest Expense 9,000 Income Tax Exp. 3,000 102,000 Net Income $42,000 Additional information: The company had 10,000 shares of common stock outstanding the entire year. The stock price for Bailey Corporation was $71.40 as of end of Year 2
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