Assets: Current Assets: Cash Accounts Receivable (net) Merchandise Inventory Prepaid Expenses Total Current Assets Long-Term Investments Plant Assets: Property, Plant & Equipment Accumulated Depreciation Total Plant Assets. Total Assets Thistle Inc. Comparative Balance Sheets Equities: Current Liabilities: Accounts Payable Accrued Expenses Total Current Liabilities Long-Term Notes Payable Stockholders' Equity: Common Stock Paid-in-Capital Retained Earnings Total Equities December 31, 2020 2021 $ 690,000 1,560,000 1,950,000 351,000 4,551,000 225,000 2,190,000 (450,000) 1,740,000 $ 540,000 1,080,000 1,260,000 315,000 3,195,000 50,000 1,390,000 (270,000) 1,120,000 $6.516.000 $4.365.000 3,150,000 20,000 937,000 $6,516,000 $1,275,000 $1,095,000 309,000 282,000 1,584,000 1,377,000 825,000 0 2,400,000 10,000 578,000 $4.365.000
Assets: Current Assets: Cash Accounts Receivable (net) Merchandise Inventory Prepaid Expenses Total Current Assets Long-Term Investments Plant Assets: Property, Plant & Equipment Accumulated Depreciation Total Plant Assets. Total Assets Thistle Inc. Comparative Balance Sheets Equities: Current Liabilities: Accounts Payable Accrued Expenses Total Current Liabilities Long-Term Notes Payable Stockholders' Equity: Common Stock Paid-in-Capital Retained Earnings Total Equities December 31, 2020 2021 $ 690,000 1,560,000 1,950,000 351,000 4,551,000 225,000 2,190,000 (450,000) 1,740,000 $ 540,000 1,080,000 1,260,000 315,000 3,195,000 50,000 1,390,000 (270,000) 1,120,000 $6.516.000 $4.365.000 3,150,000 20,000 937,000 $6,516,000 $1,275,000 $1,095,000 309,000 282,000 1,584,000 1,377,000 825,000 0 2,400,000 10,000 578,000 $4.365.000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 13MCQ
Related questions
Question
Help with Statement of
Assets
Liabilites
Total Liabilties
Total Stockholders Equity
Total Liabilites & Stockholdrs Equity
Then Incomestatement
![Net Credit Sales
Cost of Goods Sold
Gross Profit
Thistle, Inc.
Comparative Income Statements
FYE December 31, 2018
Expenses
Loss on Sale of Investment
Net Income
2018
$7,020,000
3,915,000
3,105,000
2,576,000
10,000
$ 519,000
Additional Information: Investments originally costing $50,000 were sold for
$40,000. No PPE was sold.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F844b4767-f4e7-4b03-b629-79f1c23f2300%2F24557f64-3e0a-4041-8b79-a4e1c8d63054%2Fvji81vp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Net Credit Sales
Cost of Goods Sold
Gross Profit
Thistle, Inc.
Comparative Income Statements
FYE December 31, 2018
Expenses
Loss on Sale of Investment
Net Income
2018
$7,020,000
3,915,000
3,105,000
2,576,000
10,000
$ 519,000
Additional Information: Investments originally costing $50,000 were sold for
$40,000. No PPE was sold.
![Assets:
Current Assets:
Cash
Accounts Receivable (net)
Merchandise Inventory
Prepaid Expenses
Total Current Assets
Long-Term Investments
Plant Assets:
Property, Plant & Equipment
Accumulated Depreciation
Total Plant Assets
Total Assets
Equities:
Current Liabilities:
Thistle Inc.
Comparative Balance Sheets
Accounts Payable
Accrued Expenses
Total Current Liabilities
Long-Term Notes Payable
Stockholders' Equity:
Common Stock
Paid-in-Capital
Retained Earnings
Total Equities
December 31,
2020
2021
$ 690,000
1,560,000
1,950,000
351,000
4,551,000
225,000
$ 540,000
1,080,000
1,260,000
315,000
3,195,000
50,000
2,190,000
(450,000)
1,740,000
1,120,000
$6.516.000 $4.365.000
309,000
1,584,000
825,000
1,390,000
(270,000)
$1,275,000 $1,095,000
282,000
1,377,000
0
3,150,000
20,000
937,000
$6,516,000
2,400,000
10,000
578,000
$4,365,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F844b4767-f4e7-4b03-b629-79f1c23f2300%2F24557f64-3e0a-4041-8b79-a4e1c8d63054%2F0d9qiyf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assets:
Current Assets:
Cash
Accounts Receivable (net)
Merchandise Inventory
Prepaid Expenses
Total Current Assets
Long-Term Investments
Plant Assets:
Property, Plant & Equipment
Accumulated Depreciation
Total Plant Assets
Total Assets
Equities:
Current Liabilities:
Thistle Inc.
Comparative Balance Sheets
Accounts Payable
Accrued Expenses
Total Current Liabilities
Long-Term Notes Payable
Stockholders' Equity:
Common Stock
Paid-in-Capital
Retained Earnings
Total Equities
December 31,
2020
2021
$ 690,000
1,560,000
1,950,000
351,000
4,551,000
225,000
$ 540,000
1,080,000
1,260,000
315,000
3,195,000
50,000
2,190,000
(450,000)
1,740,000
1,120,000
$6.516.000 $4.365.000
309,000
1,584,000
825,000
1,390,000
(270,000)
$1,275,000 $1,095,000
282,000
1,377,000
0
3,150,000
20,000
937,000
$6,516,000
2,400,000
10,000
578,000
$4,365,000
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