P1-61A (Learning Objective 5: Construct financial statements) Summarized versions of Nachos Corporation’s financial statements are given for two recent years.

 

 

 

 

Income Statement

 

2012                 2011

(In Thousands)

 

Revenues       ................................................................. $              k

Cost    of   goods   sold................................................... 11,070

Other     expenses........................................................          1,230

Income  before  income taxes ....................................       1,590

 

$15,500

a

1,180

1,810

 

Income  taxes  (35%  tax rate) ...................................                    l                          634

 

Net       income.............................................................. $             m

Statement of Retained Earnings

Beginning    balance   ...................................................                 $       n

 

$               b

 

 

$ 2,690

 

Net       income..............................................................                   o                       c

 

Dividends        ................................................................                         (96)

Ending         balance........................................................               $       p

Balance Sheet Assets:

Cash....................................................................              $              q

Property, plant, and equipment ...........................        1,500

 

            (70)

$               d

 

 

 

$               e

1,750

 

Other         assets.........................................................               r             10,381

 

Total    assets   .....................................................                  $       s

Liabilities:

 

$13,251

 

 

Current  liabilities  ................................................	$              t	$ 5,640
Notes payable and long-term debt.......................	4,400	3,370
Other   liabilities  ...................................................	              90	           110
Total   liabilities  ................................................	$ 9,200	$                f

 

Stockholders’ Equity:

Common     stock....................................................  $        225

 

 

$         225

 

Retained       earnings................................................                u                      g

Other  stockholders’  equity ..................................                                   190       110

Total  stockholders’ equity ...............................                 v               4,131

 

Total liabilities and stockholders’ equity .........              $              w Cash Flow Statement

Net cash provided by operating  activities ................              $          x

Net cash used in  investing activities.........................      (240)

Net cash used in financing    activities ........................                       (560) Increase  (decrease) in cash...................................                                                     (80)

 

$               h

 

 

$        850

(450)

         (550)

i

 

Cash  at  beginning of year................................                    y               1,270

Cash   at   end   of year  .........................................          $               z          $                j

 

 

â–¶ Requirement

1.    Determine the missing amounts denoted by the letters.