The following information was drawn from the annual report of Machine Import Company (MIC):…

 

The following information was drawn from the annual report of Machine Import Company (MIC):

The following information was drawn from the annual report of Machine Import Company (MIC): Required...

Required

a. Compute the percentage of growth in net income from 2009 to 2010. Can stockholders expect a similar increase between 2010 and 2011?

b. Assuming that MIC collected $120,000 cash from earnings (net income), explain how this money was spent in 2010.

 c. Assuming that MIC experiences the same percentage of growth from 2010 to 2011 as it did from 2009 to 2010, determine the amount of income from continuing operations that the owners can expect to see on the 2011 income statement.

d. During 2011, MIC experienced a $15,000 loss due to storm damage (note that this would be shown as an extraordinary loss on the income statement). Liabilities and common stock were unchanged from 2010 to 2011. Use the information that you computed in Part c plus the additional information provided in the previous two sentences to calculate net income for 2011 and prepare a balance sheet as of December 31, 2011.

 

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