Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2020 Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: N 2. 3. 4. 5. December 31 2020 $22,000 122,000 227,000 91,000 261,000 (69,200 ) $653,800 $52,900 182,200 220,000 198,700 $653,800 2019 $35,000 54,900 201,000 119,000 218,000 (43,400) 1. Net income for the fiscal year ending December 31, 2020, was $146,000. Cash dividends of $70,000 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $41,000 were retired through issuance of common shares. Land was sold at a gain of $3,000. No equipment was sold during the year. $584,500 $59,600 223,200 179,000 122,700 $584,500

Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2020 Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: N 2. 3. 4. 5. December 31 2020 $22,000 122,000 227,000 91,000 261,000 (69,200 ) $653,800 $52,900 182,200 220,000 198,700 $653,800 2019 $35,000 54,900 201,000 119,000 218,000 (43,400) 1. Net income for the fiscal year ending December 31, 2020, was $146,000. Cash dividends of $70,000 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $41,000 were retired through issuance of common shares. Land was sold at a gain of $3,000. No equipment was sold during the year. $584,500 $59,600 223,200 179,000 122,700 $584,500

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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