ACC 400 FINAL EXAM

Westward Corporation Westward Corporation
Balance Sheet Income Statement
December 31, 2009 For the Year Ended December 31, 2009

Assets Revenues                                             $2,000,000
Current assets Expenses
Cash and temporary Cost of goods sold        1,080,000
investments                                                     $ 30,000

Selling and administrative
Accounts receivable                                        70,000

Expenses                                                        495,000
Inventories                                                      120,000

Interest expense                                              30,000
Total current assets                                         220,000

Total expenses                                                 1,605,000
Property, plant, and Income

before income taxes                                        395,000
equipment (net)                                               780,000

Income tax expense                                        140,000
Total assets                                                      $1,000,000

 Net income                                                     $ 255,000
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