Skysong Inc, a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50.500 Short-term debt investments (available-for-sale) 34,800 18.200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155.500 131.200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46.200 $39.700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4.000 Short-term loans payable 7,900 10.000 Long-term loans payable 59,800 68.600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30.000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500
Skysong Inc, a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50.500 Short-term debt investments (available-for-sale) 34,800 18.200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155.500 131.200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46.200 $39.700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4.000 Short-term loans payable 7,900 10.000 Long-term loans payable 59,800 68.600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30.000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 1PB: Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, Year 1....
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