Finance-AW-Q92

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MPC, INC
FYE 12/31/2015
GAAP Balance Sheet
01/01/2015
12/31/2015
Cash
50,128
91,523
Trade notes and accounts receivable
100,044
675,854
State bonds
500,000
–
 

Inventory
75,000
357,000
Buildings
1,000,000
1,250,000
Accumulated depreciation
(100,000)
(225,000)
Equipment
1,000,000
1,300,000
Accumulated depreciation
(200,000)
(400,000)
Land
200,000
250,000
Patent
–
–
Other assets
33,156
57,375
Total assets
2,658,328
3,356,752
Liabilities and Equity
01/01/2015
12/31/2015
Accounts payable
74,126
126,034
Sales return allowances
24,511
250,000
Income Taxes payable
–
 

?
Other current liabilities
33,490
41,000
Mortgages
100,000
225,000
Capital stock
250,000
250,000
Retained earnings
2,176,201
Total liabilities and equity
2,658,328
–
 

Note: the equipment is all 7 year under MACRS

 

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Note: MPC, INC declared and paid a $75,000 dividend in 2015 It was $0 in cash and $75,000 in the patent asset. The patent has zero tax basis.
 

MPC, INC
FYE 12-31-2015:  GAAP Financials
Income
Retail Revenue        7,000,000
Less: sales returns and allowances         (600,000)
Interest income (State of Texas bonds)              10,000
Interest income (IBM bonds)                6,000
Net Revenue        6,416,000
Expenses
Salaries-officers:
Jenifer Ganter           150,000
Jon Bell           500,000
Salaries-clerical           675,000
Taxes:
Property              10,000
State income              25,000
Other miscellaneous                    799
Repairs and maintenance              55,613
Meals and entertainment           120,000
Travel              75,000
Charitable contributions           300,000
Interest expense on business loans                9,000
Advertising              34,555
Rental expense              25,000
Depreciation           300,000
Contributions to pension plans           200,122
Employee benefit programs              41,011
Accounting services              36,000
Cost of goods sold        3,000,000
Dues and subscriptions                7,777
Insurance              52,500
Legal and professional services              90,000
Miscellaneous expenses                3,000
Telephone              22,116
Total expenses        5,732,493
Net income before taxes           683,507
Life Insurance proceeds           250,000
Federal income tax: per GAAP  ?
Net income per books  x
Note:  part of Jon Bell’s comp is an accrued bonus of $400,000
This was paid 2/28/2015

 
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