Presented below is a condensed version of the comparative balance sheets for Pronghorn Corporation for the last two years at December 31. 2017 2016 Cash $ 176,700 $ 45,000 Accounts receivable 118,900 78,400 Investments 69,900 98,300 Equipment 349,900 176,100 Accumulated depreciation-equipment ( 95,300) (65,300) Current liabilities 135,500 94,300 Common stock 138,100 63,700 Retained earnings 345,300 173,300 Additional information: Investments were sold at a gain of $ 9,300; no investments were purchased; no equipment was sold; cash dividends paid were $ 42,500; and net income was $ 214,500.
Presented below is a condensed version of the comparative balance sheets for Pronghorn Corporation for the last two years at December 31. 2017 2016 Cash $ 176,700 $ 45,000 Accounts receivable 118,900 78,400 Investments 69,900 98,300 Equipment 349,900 176,100 Accumulated depreciation-equipment ( 95,300) (65,300) Current liabilities 135,500 94,300 Common stock 138,100 63,700 Retained earnings 345,300 173,300 Additional information: Investments were sold at a gain of $ 9,300; no investments were purchased; no equipment was sold; cash dividends paid were $ 42,500; and net income was $ 214,500.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 6MCQ
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