11:21 E Expert Q&A Hytek Corporation ended last year with cash of $50.000, accounts receivable of $100,000, and inventory of $300,000. Property, plant, and equipment were valued at their original cost $470,000, less accumulated depreciation of $$170,000. Current liabilities other than income taxes owed were $120,000, and long-term debt was $250,000. Stockholders' equity consisted of (a) $90,000 capital stock investment and (b) accumulated retained earnings, which had totaled $130,000 at the end of 2017. Net sales for 2018 were $900,000. Expenses include $500,000 as cost of goods sold, $50,000 as allowances for depreciation, $85,000 as selling expenses, and $65,000 as G&A expenses. Interest income and expensse were $5,000 and $25,000, respectively, and income taxes for the year (unpaid at year's end) were $80,000. Dividends of $20,000 were paid. Prepare a balance sheet and an income statement reflecting these figures. II (
11:21 E Expert Q&A Hytek Corporation ended last year with cash of $50.000, accounts receivable of $100,000, and inventory of $300,000. Property, plant, and equipment were valued at their original cost $470,000, less accumulated depreciation of $$170,000. Current liabilities other than income taxes owed were $120,000, and long-term debt was $250,000. Stockholders' equity consisted of (a) $90,000 capital stock investment and (b) accumulated retained earnings, which had totaled $130,000 at the end of 2017. Net sales for 2018 were $900,000. Expenses include $500,000 as cost of goods sold, $50,000 as allowances for depreciation, $85,000 as selling expenses, and $65,000 as G&A expenses. Interest income and expensse were $5,000 and $25,000, respectively, and income taxes for the year (unpaid at year's end) were $80,000. Dividends of $20,000 were paid. Prepare a balance sheet and an income statement reflecting these figures. II (
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:11:21
E Expert Q&A
Hytek Corporation ended last year with cash of
$50.000, accounts receivable of $100,000, and
inventory of $300,000. Property, plant, and
equipment were valued at their original cost
$470,000, less accumulated depreciation of
$$170,000. Current liabilities other than income
taxes owed were $120,000, and long-term debt
was $250,000. Stockholders' equity consisted of
(a) $90,000 capital stock investment and (b)
accumulated retained earnings, which had totaled
$130,000 at the end of 2017. Net sales for 2018
were $900,000. Expenses include $500,000 as
cost of goods sold, $50,000 as allowances for
depreciation, $85,000 as selling expenses, and
$65,000 as G&A expenses. Interest income and
expensse were $5,000 and $25,000, respectively,
and income taxes for the year (unpaid at year's
end) were $80,000. Dividends of $20,000 were
paid. Prepare a balance sheet and an income
statement reflecting these figures.
II
(
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