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Assets Cash . $40,000 $12,000 ... Accounts receivable.. 5,000 8,000 nventory... 11,000 7,000 Prepaid expenses.. 2,000 3,000 Buildings. 20,000 20,000 Accumulated depreciation-buildings. _(3,000) _(2,000) *....... Total assets.. $75,000 $48.000 iabilities and Stockholders' Equity. Accounts payable.. $ 2,000 $ 4,000 Long-term note payable . 13,000 14,000 Common stock.. 33,000 18,000 Retained earnings. 27,000 12,000 ....... Total liabilities and stockholders' equity. $75,000 $48.000 ......

Assets Cash . $40,000 $12,000 ... Accounts receivable.. 5,000 8,000 nventory... 11,000 7,000 Prepaid expenses.. 2,000 3,000 Buildings. 20,000 20,000 Accumulated depreciation-buildings. _(3,000) _(2,000) *....... Total assets.. $75,000 $48.000 iabilities and Stockholders' Equity. Accounts payable.. $ 2,000 $ 4,000 Long-term note payable . 13,000 14,000 Common stock.. 33,000 18,000 Retained earnings. 27,000 12,000 ....... Total liabilities and stockholders' equity. $75,000 $48.000 ......

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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BASSIE COMPANY Comparative Balance Sheet Dec. 31, 2023 Dec. 31, 2022 Assets Cash. $40,000 $12,000 Accounts receivable... 5,000 8,000 .......... Inventory... 11,000 7,000 Prepaid expenses.. 2,000 3,000 Buildings.. 20,000 20,000 Accumulated depreciation-buildings.. _(3,000) _(2,000) Total assets. $75,000 $48,000 Liabilities and Stockholders' Equity Accounts payable. $ 2,000 $ 4,000 Long-term note payable. 13,000 14,000 Common stock... 33,000 18,000 Retained earnings. 27,000 12,000 Total liabilities and stockholders' equity.. $75,000 $48.000
Transcribed Image Text:BASSIE COMPANY Comparative Balance Sheet Dec. 31, 2023 Dec. 31, 2022 Assets Cash. $40,000 $12,000 Accounts receivable... 5,000 8,000 .......... Inventory... 11,000 7,000 Prepaid expenses.. 2,000 3,000 Buildings.. 20,000 20,000 Accumulated depreciation-buildings.. _(3,000) _(2,000) Total assets. $75,000 $48,000 Liabilities and Stockholders' Equity Accounts payable. $ 2,000 $ 4,000 Long-term note payable. 13,000 14,000 Common stock... 33,000 18,000 Retained earnings. 27,000 12,000 Total liabilities and stockholders' equity.. $75,000 $48.000
BASSIE COMPANY Income Statement For the Year Ended December 31, 2023 Sales (all on credit).. $280,000 Expenses and gains: Cost of goods sold. $199,000 Operating expenses, exclusive of depreciation . 42,300 Depreciation expense. 1,000 Interest expense.. 1,200 Gain on sale of land.. (2,500) Income taxes.. 9,000 Total expenses and los... 250,000 Net income.. $ 30,000 Additional Information: • Cash dividends of $15,000 were paid during the year. • Land costing $15,000 was acquired by the issuance of common stock. • The land above was subsequently sold for $17,500 cash. Required: Prepare a statement of cash flows for the year ended December 31, 2023 using the indirect method.
Transcribed Image Text:BASSIE COMPANY Income Statement For the Year Ended December 31, 2023 Sales (all on credit).. $280,000 Expenses and gains: Cost of goods sold. $199,000 Operating expenses, exclusive of depreciation . 42,300 Depreciation expense. 1,000 Interest expense.. 1,200 Gain on sale of land.. (2,500) Income taxes.. 9,000 Total expenses and los... 250,000 Net income.. $ 30,000 Additional Information: • Cash dividends of $15,000 were paid during the year. • Land costing $15,000 was acquired by the issuance of common stock. • The land above was subsequently sold for $17,500 cash. Required: Prepare a statement of cash flows for the year ended December 31, 2023 using the indirect method.
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