A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities depreciation-Furniture 2020 $ 66,100 28,500 39,700 3,700 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100
A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities depreciation-Furniture 2020 $ 66,100 28,500 39,700 3,700 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 2MC: A prior period adjustment should be reflected, net of applicable income taxes, in the financial...
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