Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2021: 1. Net income is $167,040. 2. Sales on account are $1,813,900. 3. Cost of goods sold is $1,346,550. 2021 2020 $ 215,040 $ 128,000 94,000 100,000 103,000 88,000 4,800 2,800 560,000 870,000 560,000 750,000 (508,000) (348,000) $1,338,840 $1,280,800 $ 106,600 $ 93,000 7,000 9,000 12,800 5,800 120,000 780,000 316,240 $1,338,840 240,000 780,000 149,200 $1,280,800

Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2021: 1. Net income is $167,040. 2. Sales on account are $1,813,900. 3. Cost of goods sold is $1,346,550. 2021 2020 $ 215,040 $ 128,000 94,000 100,000 103,000 88,000 4,800 2,800 560,000 870,000 560,000 750,000 (508,000) (348,000) $1,338,840 $1,280,800 $ 106,600 $ 93,000 7,000 9,000 12,800 5,800 120,000 780,000 316,240 $1,338,840 240,000 780,000 149,200 $1,280,800

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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