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Question : 82. Fargo ManufacturingCondensed data from the financial statements of Fargo Manufacturing : 1224852

Accounting

 

82. Fargo ManufacturingCondensed data from the financial statements of Fargo Manufacturing for 2012 and 2011 are presented below. The figures are expressed in thousands. 

Statement A

2012

2011

Total current assets

$219,560

$180,080

Property, plant & equipment

 

 

(net of accumulated depreciation)

18,320

12,724

Investments

3,370

1,061

Other assets

12,220

10,606

 

Total assets

$253,470

$204,471

Total current liabilities

92,990

86,600

Long-term debt

15,160

20,156

 

Total liabilities

108,150

106,756

Stockholders’ equity:

 

 

Contributed capital

53,680

32,250

Retained earnings

91,640

65,465

 

Total stockholders’ equity

145,320

97,715

Total liabilities & stockholders’ equity

$253,470

$204,471

 

 

 

 

 

Statement B

2012

2011

Net sales

$229,301

$184,701

Cost of sales

135,453

119,284

Gross margin

93,848

65,417

Selling, general and administrative expenses

64,832

52,220

Other income (expense)

693

(118)

Income (loss) before income taxes

29,709

13,079

Income tax expense

3,534

2,109

Net income (loss)

$  26,175

$  10,970

 

 

 

Refer to the information provided for Fargo Manufacturing. Was Fargo Manufacturing profitable both years? What are the amounts of the total revenues and total expenses, respectively, for 2012? Which financial statement provides this information to you?

83. How is a classified balance sheet useful to decision makers?

84. How does the definition of a current liability relate to that of a current asset?

85. Potential stockholders and lenders are interested in a company’s financial statements. Several financial statement items appear below. Answer the questions that follow. 

 

Accounts receivable

Accounts payable

Advertising expenses

 

Cash

Depreciation expense

Income taxes

 

Common stock

Land held for future expansion

Dividends

 

Retained earnings

Loss on the sale of equipment

Net income

 

Office supplies

Patent amortization expense

Sales

 

Unearned revenue

Utilities expense

 

 

 

 

 

 

A)

List the two items from above in which stockholders would be most interested. Explain why the two you selected are important to stockholders.

 

 

B)

In which one item would lenders be most interested? Explain why this item is important.

 

 

 

 

 

 

 

 

 

 

 

86. What information is provided in an annual report in addition to the financial statements?

87. What is meant by “generally accepted accounting principles”?

 

 

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