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					AP17-7A
Presented below are the financial statements of Rajesh Company.
                         RAJESH COMPANY
                      Comparative Balance Sheets
                              December 31
             Assets                       2012       2011
             Cash                        $35,040    $ 19,320
             Accounts receivable           32,082     19,025
             Merchandise inventory         26,612     20,870
             Property, Plant and
                                           60,241     77,772
             Equipment
             Accumulated
                                        (28,076)    (24,059)
             depreciation
                Total                  $125,899 $112,928

            Liabilities and Stockholders'
            Equity
            Accounts payable         $ 28,703  $ 16,057
            Income taxes payable        7,336     8,090
            Bonds payable              27,538    33,574
            Common stock               17,800    14,510
            Retained earnings          44,522    40,697
               Total                $125,899 $112,928
                         RAJESH COMPANY
                          Income Statement
               For the Year Ended December 31, 2012
            Sales                             $241,722
            Cost of goods sold                  175,724
            Gross profit                         65,998
            Operating expenses                   23,221
            Income from operations               42,777
            Interest expense                      2,267
            Income before income
                                                 40,510
            taxes
            Income tax expense                    7,553
            Net income                          $32,957

Additional data:

   1. Dividends declared and paid were $29,132.
   2. During the year equipment was sold for $7,712 cash. This equipment cost $17,531
      originally and had a book value of $7,712 at the time of sale.
   3. All depreciation expense, $13,836, is in the selling expense category.
   4. All sales and purchases are on account.

				
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posted:7/7/2012
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