Assets Cash Granger Inc. Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total Sales revenue Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets Net income 2022 $ 80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $ 682,500 $ 102,000 16,500 110,000 220,000 234,000 $ 682,500 Granger Inc. Income Statement Data For the Year Ended December 31, 2022 Additional information: 1. New plant assets costing $100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. $135,460 12,410 46,500 27,280 4,730 7.500 2021 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $ 514.750 $ 67,300 21,000 146,000 175,000 105:450 $ 514.750 $388,460 233,880 $154.580

Assets Cash Granger Inc. Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total Sales revenue Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets Net income 2022 $ 80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $ 682,500 $ 102,000 16,500 110,000 220,000 234,000 $ 682,500 Granger Inc. Income Statement Data For the Year Ended December 31, 2022 Additional information: 1. New plant assets costing $100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. $135,460 12,410 46,500 27,280 4,730 7.500 2021 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $ 514.750 $ 67,300 21,000 146,000 175,000 105:450 $ 514.750 $388,460 233,880 $154.580

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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Cash Flow Statment Problem no 03
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H1. Account