Condensed financial data of bridgeport corp. follow.

bridgeport corp.
comparative balance sheets
december 31

assets

2017

2016

cash
$ 151,096

$ 90,508

accounts receivable
164,186

71,060

inventory
210,375

192,330

prepaid expenses
53,108

48,620

long-term investments
258,060

203,830

plant assets
532,950

453,475

accumulated depreciation
(93,500

)

(97,240

)

total
$1,276,275

$962,583

liabilities and stockholders’ equity

accounts payable
$ 190,740

$ 125,851

accrued expenses payable
30,855

39,270

bonds payable
205,700

273,020

common stock
411,400

327,250

retained earnings
437,580

197,192

total
$1,276,275

$962,583

bridgeport corp.
income statement data
for the year ended december 31, 2017

sales revenue
$726,420

less:
cost of goods sold
$253,310

operating expenses, excluding depreciation
23,207

depreciation expense
86,955

income tax expense
51,014

interest expense
8,845

loss on disposal of plant assets
14,025

437,356

net income
$ 289,064

Instructions: use the following information to construct the 2000 balance sheet and income statement for carolina business machines. round all numbers to the nearest whole dollar. all numbers are in thousands of dollars. be sure to read the whole problem before you jump in and get started. at the end of 1999 the firm had $43,000 in gross fixed assets. in 2000 they purchased an additional $14,000 of fixed asset equipment. accumulated depreciation at the end of 1999 was $21,000. the depreciation expense in 2000 is $4,620. at the end of 2000 the firm had $3,000 in cash and $3,000 in accounts payable. in 2000 the firm extended a total of $9,000 in credit to a number of their customers in the form of accounts receivable. the firm generated $60,000 in sales revenue in 2000. their cost of goods sold was 60 percent of sales. they also incurred salaries and wages expense of $10,000. to date the firm has $1,000 in accrued salaries and wages. they borrowed $10,000 from their local bank to finance the $15,000 in inventory they now have on hand. the firm also has $7,120 invested in marketable securities. the firm currently has $20,000 in long-term debt outstanding and paid $2,000 in interest on their outstanding debt. over the firm's life, shareholders have put up $30,000. eighty percent of the shareholder's funds are in the form of retained earnings. the par value per share of carolina business machines stock is

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The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to