3 Grouper Limited had the following financial statements: Grouper Limited Income Statement For the Year Ended December 31, 2023 $176,000 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets 104,000 Accounts payable Salaries and wages payable Income tax payable Bank loans 72,000 29,400 42,600 3,730 38,870 Grouper Limited Comparative Statement of Financial Position Grouper Limited Comparative Statement of Financial Position As at December 31 11,700 $27,170 2023 $16,000 12,530 17,640 2,660 27,170 (17,330) $58,670 $5,330 2,130 3,210 0 16,000 2022 $10,400 32,000 9,330 12,530 2,130 35,700 (18,930) $51,160 9,330 Common shares 16,000 Retained earnings 15,430 Total liabilities and shareholders' equity $58,670 $51,160 $7,200 2,130 1,070 Additional information: • Equipment that cost $8,530 was sold for the carrying amount of $4,000. ● Dividends declared and paid were $10,600.

3 Grouper Limited had the following financial statements: Grouper Limited Income Statement For the Year Ended December 31, 2023 $176,000 Net sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income taxes Net income Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets 104,000 Accounts payable Salaries and wages payable Income tax payable Bank loans 72,000 29,400 42,600 3,730 38,870 Grouper Limited Comparative Statement of Financial Position Grouper Limited Comparative Statement of Financial Position As at December 31 11,700 $27,170 2023 $16,000 12,530 17,640 2,660 27,170 (17,330) $58,670 $5,330 2,130 3,210 0 16,000 2022 $10,400 32,000 9,330 12,530 2,130 35,700 (18,930) $51,160 9,330 Common shares 16,000 Retained earnings 15,430 Total liabilities and shareholders' equity $58,670 $51,160 $7,200 2,130 1,070 Additional information: • Equipment that cost $8,530 was sold for the carrying amount of $4,000. ● Dividends declared and paid were $10,600.

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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