**Income Statement** **Year Ended 12/31/Year 2**- **Revenue:** $150,000- **Cost of goods sold:** 60,000- **Gross margin:** 90,000- **Operating expense:** 40,000- **Net income:** $50,000*The amount of cash collected from customers during Year 2 was:*This income statement outlines the financial performance for the year ending on December 31 of Year 2. It begins with the total revenue generated, follows through costs and expenses, and concludes with the net income for the year. **Arch Associates Comparative Balance Sheets**Arch Associates reports the following comparative balance sheets and income statement information for Year 1 and Year 2, as of December 31st:| **Item** | **12/31/Year 1** | **12/31/Year 2** ||---------------------------------|------------------|------------------|| **Assets** | | || Cash | $16,000 | $26,000 || Accounts receivable | $8,000 | $12,000 || Prepaid insurance | $14,000 | $12,000 || Inventory | $10,000 | $6,000 || Property, plant and equipment | $16,000 | $14,000 || **Total assets** | $64,000 | $70,000 || | | || **Liabilities and Equity** | | || Accounts payable | $12,000 | $16,000 || Salaries payable | $14,000 | $8,000 || Long term notes payable | $16,000 | $14,000 || Stockholders' equity | $22,000 | $32,000 || **Total liabilities and equity**| $64,000 | $70,000 |**Explanation:**This table presents a comparative view of the balance sheets for Arch Associates from Year 1 to Year 2. It shows the changes in assets, liabilities, and equity over the two years. Key observations include an increase in cash and accounts receivable, a decrease in prepaid insurance and inventory, as well as shifts in accounts payable, salaries payable, and stockholders' equity. The overall total assets and total liabilities and equity both increased from $64,000 to $70,000.

The cash flow statement is prepared to record the cash flow from various activities during the…

Arch Associates reports the following comparative balance sheets and income statement information. Arch Associates Comparative Balance Sheets Cash Accounts receivable Prepaid insurance Inventory Property, plant and equipment Total assets Accounts payable Salaries payable Long term notes payable Stockholders' equity Total liabilities and equity 12/31/Year 12/31/Year 1 2 $26,000 12,000 12,000 6,000 14,000 $70,000 $16,000 8,000 14,000 32,000 $70,000 $16,000 8,000 14,000 10,000 16,000 $64,000 $12,000 14,000 16,000 22,000 $64,000

Arch Associates reports the following comparative balance sheets and income statement information. Arch Associates Comparative Balance Sheets Cash Accounts receivable Prepaid insurance Inventory Property, plant and equipment Total assets Accounts payable Salaries payable Long term notes payable Stockholders' equity Total liabilities and equity 12/31/Year 12/31/Year 1 2 $26,000 12,000 12,000 6,000 14,000 $70,000 $16,000 8,000 14,000 32,000 $70,000 $16,000 8,000 14,000 10,000 16,000 $64,000 $12,000 14,000 16,000 22,000 $64,000

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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