Requirement 1. Fill in the missing amounts. Begin by completing the income statement. Toad Company
Income Statement
For the Year Ended December 31, 2012
Sales. . . . . . . . . . . . . . . . . .
$575,000
Cost of goods sold. . . . . . .
Gross profit on sales. . . . . .
215,000
Administrative expenses. .
60,000
Operating income. . . . . . . .
Interest expense. . . . . . . . .
7,000
Income tax expense. . . . .
44,400
Net income. . . . . . . . . . . . .
Toad Company
Balance Sheet
At December 31, 2012
Cash. . . . . . . . . . . . . . . .
$ ?
Accounts payable. . .
$13,500
Accounts receivable. . . . .
12,500
Note payable. . . . . . .
8,800
Inventory. . . . . . . . . . . . .
43,000
Equipment. . . . . . . . . . . . . .
973,000
Contributed capital. .
610,000
Retained earnings. . .
?
Total. . . . . . . . . . . . . . . .
$1,124,500
Total
?

Richardson hired j.c. flood company, a plumbing contractor, to correct a stoppage in the sewer line of her house. the plumbing company's 'snake' device, used to clear the line leading to the main sewer, became caught in the underground line. to release it, the company excavated a portion of the sewer line in richardson's backyard. in the process, the company discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line. to meet public regulations, the water pipe, of a type no longer approved for such service, had to be replaced either then or later, when the yard would have to be excavated again. the plumbing company proceeded to repair the water pipe. though richardson inspected the company's work daily and did not express any objection to the extra work involved in replacing the water pipe, she refused to pay any part of the total bill after the company completed the entire operation. j.c. flood company then sued richardson for the costs of labor and material it had furnished. (c) for what, if anything, should richardson be liable? explain."

Suppose that the firm cherryblossom has an orchard they are willing to sell today. the net annual returns to the orchard are expected to be $50,000 per year for the next 20 years. at the end of 20 years, it is expected the land will sell for $30,000. calculate the market value of the orchard if the market rate of return on comparable investments is 16%.

Amano s preguntes cationing to come fonds and consumer good 8. why did the u.s. government use rationing for some foods and consumer goods during world war ii?