Accounting : Mathew S Models. Final

Running head: MATHEWS MODELS1Mathews ModelsStudents NameUniversity AffiliationDate of SubmissionMATHEWS MODELS2Mathew's Models are stores located in Florence, South Carolina, owned by MathewReedmer. In a quest to acquire a business loan from a local bank in Florence referred to as theFlorence National Bank, he provided his Income statement and Balance sheet excerpts for theyears ending December 2017. The extracts are as shown below.Mathews Models Income Statement for the Year Ended December 31, 2017Sales Revenue$600,000Less Cost of Goods Sold310,000Gross Margin290,000Less Operating ExpensesSelling and AdministrativeDepreciation FurnishingsDepreciation Building$106,2005,00015,000Total Operating Expenses126,200Operating Income163,800Interest ExpenseLoss on Vehicle SaleTotal Other ExpensesNet Income Before Taxes$50,0002,50052,500111,300MATHEWS MODELS3Less Income Taxes39,300Net Income$72,000Mathews Models Balance Sheet for the Year Ended December 31, 2017ASSETSCash$2,600Accounts Receivable71,000Inventory193,000Other Current Assets18,900Total Current Assets$285,500LandFurnishings, Fixtures & VehiclesLess Accumulated Depreciation$100,000$166,000-28,500Furnishings, Fixtures & Vehicles (net)137,500Building400,000Less Accumulated Depreciation190,000Building (net)Total Long-Term AssetsTotal Assets210,000447,500$733,000MATHEWS MODELS4LIABI ...


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