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Business
Accounting
1 2 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Investments 7 Land & Equipment 9 Accumulated depreciation-equipment 10 Total assets 11 Assets Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, $4 par 16 Paid-in capital in excess of par-common stock 17 Retained earnings 18 Total liabilities and stockholders' equity 1 Sales 2 Cost of goods sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense 6 Other operating expenses 7 income statement for the year ended December 31, 20Y3, is as follows: Total operating expenses Dec. 31, 20Y3 8 Operating income 9 Other income: 10 Gain on sale of investments 11 Income before income tax 12 Income tax expense 13 Net income $155,000.00 450,000.00 770,000.00 0.00 Dec. 31, 20Y2 500,000.00 1,400,000.00 1,200,000.00 (600,000.00) (500,000.00) $2,675,000.00 $2,100,000.00 $150,000.00 400,000.00 750,000.00 100,000.00 $100,000.00 950,000.00 0.00 $340,000.00 $300,000.00 45,000.00 50,000.00 30,000.00 25,000.00 700,000.00 600,000.00 200,000.00 175,000.00 1,360,000.00 950,000.00 $2,675,000.00 $2,100,000.00 $3,000,000.00 (1,400,000.00) $1,600,000.00 (1,050,000.00) $550,000.00 75,000.00 $625,000.00 (125,000.00) $500,000.00

1 2 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Investments 7 Land & Equipment 9 Accumulated depreciation-equipment 10 Total assets 11 Assets Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, $4 par 16 Paid-in capital in excess of par-common stock 17 Retained earnings 18 Total liabilities and stockholders' equity 1 Sales 2 Cost of goods sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense 6 Other operating expenses 7 income statement for the year ended December 31, 20Y3, is as follows: Total operating expenses Dec. 31, 20Y3 8 Operating income 9 Other income: 10 Gain on sale of investments 11 Income before income tax 12 Income tax expense 13 Net income $155,000.00 450,000.00 770,000.00 0.00 Dec. 31, 20Y2 500,000.00 1,400,000.00 1,200,000.00 (600,000.00) (500,000.00) $2,675,000.00 $2,100,000.00 $150,000.00 400,000.00 750,000.00 100,000.00 $100,000.00 950,000.00 0.00 $340,000.00 $300,000.00 45,000.00 50,000.00 30,000.00 25,000.00 700,000.00 600,000.00 200,000.00 175,000.00 1,360,000.00 950,000.00 $2,675,000.00 $2,100,000.00 $3,000,000.00 (1,400,000.00) $1,600,000.00 (1,050,000.00) $550,000.00 75,000.00 $625,000.00 (125,000.00) $500,000.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1 2 11 Instructions Labels and Amount Descriptions 3 4 Accounts receivable (net) 5 Inventories 6 Investments 7 Land 8 Equipment 9 Accumulated depreciation equipment 10 Total assets 6 Statement of Cash Flows 7 Cash 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, $4 par 16 Paid-in capital in excess of par-common stock 17 Retained earnings 18 Total liabilities and stockholders' equity 10 1 Sales 2 Cost of goods sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense Liabilities and Stockholders' Equity income statement for the year ended December 31, 20Y3, is as follows: Assets 8 Operating income 9 Other income: Other operating expenses Total operating expenses Gain on sale of investments 11 Income before income tax 12 Income tax expense 13 Net income Dec. 31, 20Y3 $155,000.00 450,000.00 770,000.00 0.00 500,000.00 1,400,000.00 (600,000.00) $2,675,000.00 $340,000.00 45,000.00 30,000.00 700,000.00 200,000.00 1,360,000.00 $2,675,000.00 $100,000.00 950,000.00 Dec. 31, 20Y2 $150,000.00 400,000.00 750,000.00 100,000.00 0.00 1,200,000.00 (500,000.00) $2,100,000.00 $300,000.00 50,000.00 25,000.00 600,000.00 175,000.00 950,000.00 $2,100,000.00 $3,000,000.00 (1,400,000.00) $1,600,000.00 (1,050,000.00) $550,000.00 75,000.00 $625,000.00 (125,000.00) $500,000.00
Transcribed Image Text:1 2 11 Instructions Labels and Amount Descriptions 3 4 Accounts receivable (net) 5 Inventories 6 Investments 7 Land 8 Equipment 9 Accumulated depreciation equipment 10 Total assets 6 Statement of Cash Flows 7 Cash 12 Accounts payable (merchandise creditors) 13 Accrued expenses payable (operating expenses) 14 Dividends payable 15 Common stock, $4 par 16 Paid-in capital in excess of par-common stock 17 Retained earnings 18 Total liabilities and stockholders' equity 10 1 Sales 2 Cost of goods sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense Liabilities and Stockholders' Equity income statement for the year ended December 31, 20Y3, is as follows: Assets 8 Operating income 9 Other income: Other operating expenses Total operating expenses Gain on sale of investments 11 Income before income tax 12 Income tax expense 13 Net income Dec. 31, 20Y3 $155,000.00 450,000.00 770,000.00 0.00 500,000.00 1,400,000.00 (600,000.00) $2,675,000.00 $340,000.00 45,000.00 30,000.00 700,000.00 200,000.00 1,360,000.00 $2,675,000.00 $100,000.00 950,000.00 Dec. 31, 20Y2 $150,000.00 400,000.00 750,000.00 100,000.00 0.00 1,200,000.00 (500,000.00) $2,100,000.00 $300,000.00 50,000.00 25,000.00 600,000.00 175,000.00 950,000.00 $2,100,000.00 $3,000,000.00 (1,400,000.00) $1,600,000.00 (1,050,000.00) $550,000.00 75,000.00 $625,000.00 (125,000.00) $500,000.00
Labels and Amount Descriptions Labels and Amount Descriptions Cash paid for dividends Cash paid for purchase of equipment Cash paid for purchase of land Cash paid for purchase of treasury stock Cash payments for income taxes Cash payments for merchandise Cash payments for operating expenses Cash received from customers Cash received from sale of common stock Cash received from sale of investments December 31, 20Y3 Depreciation For the Year Ended December 31, 20Y3 Gain on sale of investments Issuance of common stock for acquisition of land Issuance of common stock for purchase of equipment Loss on sale of investments Net cash flow from financing activities Net cash flow from investing activities Net cash flow from operating activities Net cash flow used for financing activities Net cash flow used for investing activities Net cash flow used for operating activities Net decrease in cash Net increase in cash
Transcribed Image Text:Labels and Amount Descriptions Labels and Amount Descriptions Cash paid for dividends Cash paid for purchase of equipment Cash paid for purchase of land Cash paid for purchase of treasury stock Cash payments for income taxes Cash payments for merchandise Cash payments for operating expenses Cash received from customers Cash received from sale of common stock Cash received from sale of investments December 31, 20Y3 Depreciation For the Year Ended December 31, 20Y3 Gain on sale of investments Issuance of common stock for acquisition of land Issuance of common stock for purchase of equipment Loss on sale of investments Net cash flow from financing activities Net cash flow from investing activities Net cash flow from operating activities Net cash flow used for financing activities Net cash flow used for investing activities Net cash flow used for operating activities Net decrease in cash Net increase in cash
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