Current Year Prior Year Balance Sheet at December 31 $ 44, 580 28, 800 31,800 113, 200 (37, 200) $181, 180 $ 19, e00 31, 000 38, e00 104, 000 (31,000) $161, e00 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets $ 26, 200 Accounts Payable Salaries and Wages Payable Note Payable (1long-term) Common Stock Retained Earnings $ 23,000 1, e0e 50, e00 62, 000 25,000 780 38,000 83, 000 33, 200 $181, 180 $161, 000 Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses $102, 000 62, 000 27,800 Net Income $ 12, 200 Addltlonal Data: a. Bought equipment for cash, $9,200. b. Paid $12,000 on the long-term note payable. c. Issued new shares of stock for $21,000 cash. cl. Declared and paid a $4,000 cash dividend. e. Other expenses included depreciation, $6,200; salaries and wages, $10,200; taxes, $3,200; utilities, $8,200. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts r or other expenses, assume that these expenses were fully paid in cash.

Current Year Prior Year Balance Sheet at December 31 $ 44, 580 28, 800 31,800 113, 200 (37, 200) $181, 180 $ 19, e00 31, 000 38, e00 104, 000 (31,000) $161, e00 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets $ 26, 200 Accounts Payable Salaries and Wages Payable Note Payable (1long-term) Common Stock Retained Earnings $ 23,000 1, e0e 50, e00 62, 000 25,000 780 38,000 83, 000 33, 200 $181, 180 $161, 000 Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses $102, 000 62, 000 27,800 Net Income $ 12, 200 Addltlonal Data: a. Bought equipment for cash, $9,200. b. Paid $12,000 on the long-term note payable. c. Issued new shares of stock for $21,000 cash. cl. Declared and paid a $4,000 cash dividend. e. Other expenses included depreciation, $6,200; salaries and wages, $10,200; taxes, $3,200; utilities, $8,200. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts r or other expenses, assume that these expenses were fully paid in cash.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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