Huffman Trucking accounting problem

$16.00

Description

Huffman Trucking
Balance Sheet
(Unaudited)

December 31st
2011 2010
(In Thousands)

Assets
Current Assets
Cash & Cash Equivalents $89,664 $58,003
Accounts Receivable 51,869 81,557
Prepaid Expenses & Supplies 6,267 5,529
Total Current Assets $147,800 $145,089

Carrier Operating Property (at cost) $85,306 $81,461
Less: Allowance for Depreciation (69,536) (67,119)
Net Carrier Operating Property $15,770 $14,342

Assets of Discontinued Operations 7,516 8,739
Goodwill (net) 49,852 49,852
Other Assets 46,327 37,306
Total Assets $267,265 $255,328

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts Payable $40,843 $45,381
Salaries & Wages 37,299 33,014
Current Portion of Long-Term Debt 1,752 1,343
Freight & Casualty Claims Payable 10,389 9,697
Total Current Liabilities $90,283 $89,435

Long-Term Liabilities
Accrued Pension & Post-Retirement Health Care $64,058 $58,672
Long-Term Debt 7,307 6,562
Total Long-Term Liabilities $71,365 $65,234

Shareholders’ Equity
Common Stock ($1.00 par value Authorized: 20,000,000 shares) $3.882 $3.882
Treasury Shares (1.952) (1.952)
Retained Earnings 105,615 100,657
Total Shareholders’ Equity $105,617 $100,659

Total Liabilities and Shareholders’ Equity $267,265 $255,328

o
Huffman Trucking
Statement of Income
(Unaudited)

December 31st
2011 2010
(In Thousands)

Revenue $1,109,295 $969,240

Operating Expenses
Salaries, Wages & Benefits $406,191 $367,993
Fuel Expense 318,737 258,904
Operating Supplies and Expenses 117,670 105,875
Purchased Transportation 138,140 114,250
Operating Taxes & Licenses 19,033 17,753
Insurance & Claims 11,995 12,493
Provision for Depreciation 3,009 2,773
Total Operating Expenses $1,014,775 $880,041

Operating Income form Continuing Operations $94,520 $89,199

Interest Expense $466 $768
Tax Expense 34,887 32,923
Net Income $59,167 $55,508

Reviews

There are no reviews yet.

Be the first to review “Huffman Trucking accounting problem”

Your email address will not be published. Required fields are marked *