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Business
Accounting
Assets Canh 30 Comparative Balance Sheets 2021 PERSONAVE $ 96,700 92,000 81,800 6,200 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit 276,700 142,000 (36,000) $ 382,700 $ 43,000 7,800 5,200 56,000 48,000 104,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 256,000 22,700 $ 382,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense 2020 $ 62,000 69,000 113,500 9,000 253,500 133,000 (18,000) $368,500 $ 57,000 18,600 7,400 83,000 78,000 161,000 178,000 29,500 $368,500 $ 768,000 429,000 339,000 85,000 76,600 177,400 3,800 181,200 45,690 $ 135,510 Additional Information . A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. D. The only changes affecting retained earnings are net income and cash dividends paid. New equipment is acquired for $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. of inventory are on credit.

Assets Canh 30 Comparative Balance Sheets 2021 PERSONAVE $ 96,700 92,000 81,800 6,200 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit 276,700 142,000 (36,000) $ 382,700 $ 43,000 7,800 5,200 56,000 48,000 104,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 256,000 22,700 $ 382,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense 2020 $ 62,000 69,000 113,500 9,000 253,500 133,000 (18,000) $368,500 $ 57,000 18,600 7,400 83,000 78,000 161,000 178,000 29,500 $368,500 $ 768,000 429,000 339,000 85,000 76,600 177,400 3,800 181,200 45,690 $ 135,510 Additional Information . A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. D. The only changes affecting retained earnings are net income and cash dividends paid. New equipment is acquired for $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. of inventory are on credit.

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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INTRAN INCORPORATED Comparative Balance Sheeta Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Fages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit $ 96,700 92,000 81,800 6,200 276,700 142,000 (136,000) $ 382,700 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 43,000 7,800 5,200 56,000 48,000 104,000 256.000 22,700 $ 382,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense $ 62,000 69,000 113 500 9,000 253 500 133,000 118,000) $ 368,500 $ 57,000 18.600 7,400 83,000 78,000 161,000 178,000 29,500 $368,500 $ 768,000 429,000 339,000 85,000 76,600 177,400 3, 800 181, 200 45,690 $ 135,510 a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit.
Transcribed Image Text:INTRAN INCORPORATED Comparative Balance Sheeta Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Fages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit $ 96,700 92,000 81,800 6,200 276,700 142,000 (136,000) $ 382,700 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 43,000 7,800 5,200 56,000 48,000 104,000 256.000 22,700 $ 382,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense $ 62,000 69,000 113 500 9,000 253 500 133,000 118,000) $ 368,500 $ 57,000 18.600 7,400 83,000 78,000 161,000 178,000 29,500 $368,500 $ 768,000 429,000 339,000 85,000 76,600 177,400 3, 800 181, 200 45,690 $ 135,510 a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit.
INTRAN INCORPORATED Comparative Balance Sheeta Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Fages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit $ 96,700 92,000 81,800 6,200 276,700 142,000 (136,000) $ 382,700 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 43,000 7,800 5,200 56,000 48,000 104,000 256.000 22,700 $ 382,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense $ 62,000 69,000 113 500 9,000 253 500 133,000 118,000) $ 368,500 $ 57,000 18.600 7,400 83,000 78,000 161,000 178,000 29,500 $368,500 $ 768,000 429,000 339,000 85,000 76,600 177,400 3, 800 181, 200 45,690 $ 135,510 a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit.
Transcribed Image Text:INTRAN INCORPORATED Comparative Balance Sheeta Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Fages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit $ 96,700 92,000 81,800 6,200 276,700 142,000 (136,000) $ 382,700 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 43,000 7,800 5,200 56,000 48,000 104,000 256.000 22,700 $ 382,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense $ 62,000 69,000 113 500 9,000 253 500 133,000 118,000) $ 368,500 $ 57,000 18.600 7,400 83,000 78,000 161,000 178,000 29,500 $368,500 $ 768,000 429,000 339,000 85,000 76,600 177,400 3, 800 181, 200 45,690 $ 135,510 a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit.
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