# Clarkesville Plumbing Company business and finance homework help

Problem 1

You are given the following information about Clarkesville Plumbing Company. Revenues last year totaled \$896, depreciation expenses \$75, costs of goods sold \$365, and interest expenses \$54. At the end of the year, current assets were \$121 and current liabilities were \$107. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement.

Problem 2

â€¢Given the following information about the Elkridge Sporting Goods, Inc., construct a balance sheet for the period ending June 30, 2011. On that date the firm had cash and marketable securities of \$25,135, accounts receivables of \$43,758, inventory of \$167,112, net fixed assets of \$325,422, and other assets of \$13,125. It had accounts payables of \$67,855, notes payables of \$36,454, long-term debt of \$223,125, and common stock of \$150,000. How much retained earnings does the firm have?

Can anyone explain this to me in detail