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(Solved) Assumptions Balance Sheet Income Statement Assumptions: At the beginning of 2009, CanGo purchased the online gaming company. This purchase was for...


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Assumptions Balance Sheet Income Statement Assumptions:
1. At the beginning of 2009, CanGo purchased the online gaming company. This
purchase was for cash, paid for through the proceeds of the IPO and results in
goodwill. 2. 90% of the online book sales comes from JIT, the other 10% through the inventory
which CanGo possesses. 100% of the CD/DVD/MP3 come through CanGo inventory.
The result is that 80% of ALL sales is JIT and 20% is inventory. 3. There is one warehouse for shipping of books and one plant for manufacturing. 4. There are three divisions: a CD/DVD/MP3 division, an online gaming division and a
books division. All manufacturing takes place in the CD/DVD/MP3 division. 5. The IPO took place at the beginning of 2009. 6. The CD/DVDs were customized beginning in 2008. The MP3 players were built
beginning in the start of 2009. 7. The online gaming company was purchased for $30,000,000 and both Elizabeth and
Andrew initiated the process. 8. The company began in 2006, has a VC infusion in 2007 and 2008. It showed a profit
in 2008 and 2009. Its only profitable division is the online book sales division. 9. It has some type of international operations, hence the need for a "translation gain or
loss" in owner's equity. 10. It has an extraordinary loss from fire and a sale of a segment of its business in 2009. Balance Sheet
ASSETS December 31, 2009 Cash
Marketable Securities
Accounts Receivable
Less: Allowance for Bad Debts
Net Accounts Receivable
Inventory
Raw Materials
Work-in-process
Finished Goods
Inventory Purchased for Resale
Total Inventory
Plant, Property and Equipment
Less: Accumulated Depreciation
Net Plant, Property and Equipment
Prepaid Expenses
Goodwill and Other Purchased
Intangibles
Less: Amortization
Net Goodwill and Other Purchased Intangibles
Total Assets $20,900,000
$117,000,000
$33,000,000
$(880,000)
$32,120,000 $2,000,000
$1,000,000
$5,000,000
$24,000,000
$32,000,000
$6,700,000
$(320,000)
$6,380,000
$200,000 $28,000,000
$(700,000)
$27,300,000
$235,900,000 LIABILITIES AND OWNERS' EQUITY
Accounts Payable
Accrued Advertising
Other Liabilities and Accrued Expense
Current Portion of Long-Term Debt $22,000,000
$11,800,000
$1,400,000
$2,300,000 Long Term Debt $57,400,000 Preferred Stock, $100 par value per share,
100,000 authorized, 0 shares issued and
outstanding
Common Stock, $1 par value per share,
250,000,000 shares authorized,
13,000,000 shares
issued, 12,900,000 outstanding
Additional Paid-in-Capital in excess of par
value, Common Stock $0 $13,000,000 $117,000,000 Treasury Stock $(1,000,000) Retained Earnings (less Cash Dividends Paid) $12,000,000 Total Liabilities and Owner's Equity $11,000,000 $235,900,000 Income Statement Sales Revenues
Less: Sales Returns
Net Sales Revenues
Less: Cost of Goods Sold
Gross Profit
Operating Expenses:
Advertising and Sales
Depreciation
Salaries and Wages
Product Development
Merger and Acquisition Related Costs,
including
Amortization of Goodwill and Other
Intangibles
Total Operating Expenses
Income from Continuing Operations Before
Income Taxes
Less: Income Taxes at 35%
Income from Continuing Operations December 31, 2009
$51,000,000
$(1,000,000)
$50,000,000
$(9,000,000)
$41,000,000 December 31, 2008
$10,300,000
$(300,000)
$10,000,000
$(4,000,000)
$6,000,000 $(26,000,000)
$(160,000)
$(1,700,000)
$(4,000,000) $(3,000,000) $(700,000)
$(32,560,000) $0 $8,440,000
$(2,954,000)
$5,486,000 Discontinued Operations:
Income from Operations of Discontinued
Division
(less applicable income taxes)
Loss on Disposal of Discontinued Division
(less applicable income taxes)
Total Gain from Discontinued Operations $(150,000)
$200,000 Extraordinary Items:
Loss from fire (less applicable income taxes) $(200,000) Net Income $5,486,000 $350,000 $(1,400,000)
$(1,200,000) Divisional Revenues
Books
Online gaming
Customized MP3/CD/DVD
Customized MP3/CD/DVD Inventory at end of
2009 $15,000,000
$25,000,000
$10,000,000 $7,000,000
$3,000,000 $8,000,000 CanGo, Inc. is a fictional Internet company that exists to support the Mastering Series project.

 


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