ACCT.PRINCIPLES (LL)-PACKAGE
14th Edition
ISBN: 9781119707103
Author: Weygandt
Publisher: WILEY
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The following income statement and balance sheets for Laser World are provided:
LASER WORLD
Income Statement
For the year-ended December 31, 2021
Sales revenue
$
2,260,000
Cost of goods sold
1,500,000
Gross profit
760,000
Expenses:
Operating expenses
345,000
Depreciation expense
66,000
Loss on sale of land
4,600
Interest expense
24,000
Income tax expense
58,000
Total expenses
497,600
Net income
$
262,400
LASER WORLD
Balance Sheet
December 31
2021
2020
Assets
Current assets:
Cash
$127,000
$104,000
Accounts receivable
91,000
72,000
Inventory
200,000
180,000
Prepaid rent
12,000
12,000
Long-term assets:
Land
270,000
210,000
Equipment
270,000
220,000
Accumulated depreciation
(74,000)
(46,000)
Total assets
$896,000
$752,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$57,000
$56,000
Interest payable
8,900…
Given Data:
MAGLIOCHETTI MOVING CORP.
Statement of Earnings
Statement of Financial Position
For the Period Ended December 31, 2020
At December 31, 2020
Transportation revenue
$ 85,000
Assets
Expenses:
Cash
$ 2,000
Salaries expense
17,000
Receivables
3,000
Maintenance expense
12,000
Inventory of maintenance supplies
6,000
Other expenses
18,000
Equipment
40,000
Total expenses
$ 47,000
Prepaid insurance
4,000
Net earnings
$ 38,000
Other assets
27,000
Total assets
$82,000
Liabilities
Accounts payable
$ 9,000
Shareholders' Equity
Contributed capital (10,000 shares outstanding)
35,000
Retained earnings
38,000
Total liabilities and shareholders' equity
$82,000
Additional information:
Number of shares
10,000
(a)…
Given Data:
MAGLIOCHETTI MOVING CORP.
Statement of Earnings
Statement of Financial Position
For the Period Ended December 31, 2020
At December 31, 2020
Transportation revenue
$ 85,000
Assets
Expenses:
Cash
$ 2,000
Salaries expense
17,000
Receivables
3,000
Maintenance expense
12,000
Inventory of maintenance supplies
6,000
Other expenses
18,000
Equipment
40,000
Total expenses
$ 47,000
Prepaid insurance
4,000
Net earnings
$ 38,000
Other assets
27,000
Total assets
$82,000
Liabilities
Accounts payable
$ 9,000
Shareholders' Equity
Contributed capital (10,000 shares outstanding)
35,000
Retained earnings
38,000
Total liabilities and shareholders' equity
$82,000
Additional information:
Number of shares
10,000
(a)…
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