Try another version of this question The comparative financial statements of Ryan Express, Inc are as follows. The market price of Ryan Express stock was $109.90 on December 31, 2020. Using the information from Ryan Express, Inc. financial statements, compute the following for 2020:
Comparative Statement of Retained Earnings
For Years Ended December 31, 2020 and 20192020 2019 Retained Earnings, January 1 $5,379,000 $4,551,000 Add net income for the year 881,000 938,000 Total 6,260,000 5,489,000 Deduct Dividends On preferred stock 46,000 53,000 On common stock 59,000 59,000 Total 105,000 112,000 Retained Earnings, December 31 $6,155,000 $5,377,000
Comparative Income Statement
For Years Ended December 31, 2020 and 20192020 2019 Sales (all on account) $10,059,000 $9,458,000 Sales Returns & Allowances 55,000 50,000 Net Sales 10,004,000 9,408,000 Cost of Goods Sold 5,350,000 4,945,000 Gross Profit 10,004,000 4,463,000 Selling Expense 2,002,000 1,887,000 Administrative Expense 1,503,000 1,407,000 Total Operating Expenses 3,505,000 3,294,000 Income from operations 1,149,000 1,156,000 Other Income 147,000 141,000 Total Operating Income 1,296,000 1,297,000 Other expenses (interest) 175,000 140,000 Income before taxes 1,121,000 1,157,000 Income tax expense 240,000 219,000 Net Income $881,000 $938,000
Balance Sheet
December 31, 2020Description Amount Subcategory,Assets Cash 514,000 Marketable securities 1,020,000 Accounts Receivable (net) 747,000 Merchandise Inventory 1,209,000 Prepaid Expense 269,000Single line Total Current Assets Single line3,759,000 Long-term investments 2,343,000 Property, Plant & Equip. 3,747,000Single line TOTAL ASSETS Single line9,849,000Double line Subcategory,Liabilities Total Current Liab. 914,000 Subcategory,Long-term Liabilities: Mortgage note payable due 2020 210,000 Bonds Payable, 10% due 2019 1,507,000Single line Total Long-term Liab. Single line1,717,000Single line Total Liabilities Single line2,631,000 Subcategory,Stockholders' Equity Preferred $0.90 stock, $10 par 519,000 Common Stock, $5 par 519,000 Retained Earnings 6,155,000Single line Total Stockholders Equity Single line7,193,000Single line TOTAL LIAB + EQUITY Single line9,824,000Double line
Balance Sheet
December 31, 2019Description Amount Subcategory,Assets Cash 399,000 Marketable securities 990,000 Accounts Receivable (net) 508,000 Merchandise Inventory 942,000 Prepaid Expense 221,000Single line Total Current Assets Single line3,060,000 Long-term investments 2,298,000 Property, Plant & Equip. 3,376,000Single line TOTAL ASSETS Single line8,734,000Double line Subcategory,Liabilities Total Current Liab. 879,000 Subcategory,Long-term Liabilities: Mortgage note payable due 2020 0 Bonds Payable, 10% due 2019 1,490,000Single line Total Long-term Liab. Single line1,490,000Single line Total Liabilities Single line2,369,000 Subcategory,Stockholders' Equity Preferred $0.90 stock, $10 par 498,000 Common Stock, $5 par 492,000 Retained Earnings 5,377,000Single line Total Stockholders Equity Single line6,367,000Single line TOTAL LIAB + EQUITY Single line8,736,000Double line