Problem:
Create the following balance sheet for the years 2001 and 2002.
The Apricot Company in 2001 had notes payable of $1,200, accounts payable of $2,400, and long term debt of $3,000. In 2002 the notes payable was $1,600, accounts payable was $2,000 and long term debt was $2,800. For assets, Apricot had in 2001 $800 in cash, $400 in marketable securities, and $1,800 in inventory. In 2002 they had $500 in cash, $300 in marketable securities, and $2,000 in inventory. Accounts receivable at the end of 2001 were $900 and $800 at the end of 2002. Apricot's net plant and equipment was $6,000 in 2001 and $8,000 in 2002.
Based on the information for Apricot Company they had sales of $1,000 in 2002 and cost of goods sold of $400. Depreciation was $100, and they paid $160 of interest. The tax rate is 25% and all taxes are paid currently. What is Apricot's net income for 2002?