16-AT Balance Sheet and Income Statement The Reigle Company had the following items on its December 31, 20X0, balance sheet and 20X0 income statement (in dollars except for number of shares outstanding): Cash and equivalents $ 60,000 Revenues 790,000 Notes payable Long-term debt, excluding current portion Accounts receivable, net 51,000 210,000 48,000 Provision for income taxes 60,000 Other long-term assets 110,000 Interest expense 55,000 Deferred income tax liability–long-term Retained earnings 44,000 204,000 Income taxes payable 37,000 Cost of sales 470,000 Inventories 36,000 Prepaid expenses Common stock (50,000 shares outstanding) Property, plant, and equipment, at cost Accounts payable 15,000 25,000 580,000 43,000 Interest income 15,000 Goodwill, patents, and trademarks Current portion of long-term debt Less: Accumulated depreciation Selling and administrative expenses Additional paid-in capital 75,000 16,000 170,000 150,000 ? Prepare in proper form the December 31, 20X0, balance sheet and the 20X0 income statement for Reigle Company. Include the proper amount for additional paid-in capital.

16-AT Balance Sheet and Income Statement The Reigle Company had the following items on its December 31, 20X0, balance sheet and 20X0 income statement (in dollars except for number of shares outstanding): Cash and equivalents $ 60,000 Revenues 790,000 Notes payable Long-term debt, excluding current portion Accounts receivable, net 51,000 210,000 48,000 Provision for income taxes 60,000 Other long-term assets 110,000 Interest expense 55,000 Deferred income tax liability–long-term Retained earnings 44,000 204,000 Income taxes payable 37,000 Cost of sales 470,000 Inventories 36,000 Prepaid expenses Common stock (50,000 shares outstanding) Property, plant, and equipment, at cost Accounts payable 15,000 25,000 580,000 43,000 Interest income 15,000 Goodwill, patents, and trademarks Current portion of long-term debt Less: Accumulated depreciation Selling and administrative expenses Additional paid-in capital 75,000 16,000 170,000 150,000 ? Prepare in proper form the December 31, 20X0, balance sheet and the 20X0 income statement for Reigle Company. Include the proper amount for additional paid-in capital.

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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