ATTLEBORO GROUP, INC. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 441,000 Cost of Goods Sold 205,400 Gross Profit 235,600 Operating Expenses: Salaries Expense $ 76,300 Depreciation Expense 15,300 Other Operating Expenses 49,600 Total Operating Expenses 141,200 Operating Income 94,400 Other Income and (Expenses): Interest Revenue 11,500 Interest Expense (24,400) Total Other Income and (Expenses) (12,900) Net Income Before Income Taxes 81,500 Income Tax Expense 16,200 Net Income $ 65,300 ATTLEBORO GROUP, INC. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 14,000 $ 15,500 Accounts Receivable 42,000 43,700 Merchandise Inventory 96,800 93,300 Long-term Assets: Land 36,400 11,000 Plant Assets 121,250 112,850 Accumulated Depreciation-Plant Assets (20,350) (18,650) Total Assets $ 290,100 $ 257,700 Liabilities Current Liabilities: Accounts Payable $ 24,500 $ 26,000 Accrued Liabilities 23,900 22,600 Long-term Liabilities: Notes Payable 56,000 69,000 Total Liabilities 104,400 117,600 Stockholders' Equity Common Stock, no par 129,500 121,000 Retained Earnings 56,200 19,100 Total Stockholders' Equity 185,700 140,100 Total Liabilities anc Stockholders' Equity $ 290,100 $ 257,700
ATTLEBORO GROUP, INC. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 441,000 Cost of Goods Sold 205,400 Gross Profit 235,600 Operating Expenses: Salaries Expense $ 76,300 Depreciation Expense 15,300 Other Operating Expenses 49,600 Total Operating Expenses 141,200 Operating Income 94,400 Other Income and (Expenses): Interest Revenue 11,500 Interest Expense (24,400) Total Other Income and (Expenses) (12,900) Net Income Before Income Taxes 81,500 Income Tax Expense 16,200 Net Income $ 65,300 ATTLEBORO GROUP, INC. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 14,000 $ 15,500 Accounts Receivable 42,000 43,700 Merchandise Inventory 96,800 93,300 Long-term Assets: Land 36,400 11,000 Plant Assets 121,250 112,850 Accumulated Depreciation-Plant Assets (20,350) (18,650) Total Assets $ 290,100 $ 257,700 Liabilities Current Liabilities: Accounts Payable $ 24,500 $ 26,000 Accrued Liabilities 23,900 22,600 Long-term Liabilities: Notes Payable 56,000 69,000 Total Liabilities 104,400 117,600 Stockholders' Equity Common Stock, no par 129,500 121,000 Retained Earnings 56,200 19,100 Total Stockholders' Equity 185,700 140,100 Total Liabilities anc Stockholders' Equity $ 290,100 $ 257,700
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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Question
Using a spreadsheet to prepare the statement of
The 2018 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro disposed of a plant asset at book value in 2018.
Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and
![ATTLEBORO GROUP, INC.
Income Statement
Year Ended December 31, 2018
Net Sales Revenue
$ 441,000
Cost of Goods Sold
205,400
Gross Profit
235,600
Operating Expenses:
Salaries Expense
$ 76,300
Depreciation Expense
15,300
Other Operating Expenses
49,600
Total Operating Expenses
141,200
Operating Income
94,400
Other Income and (Expenses):
Interest Revenue
11,500
Interest Expense
(24,400)
Total Other Income and (Expenses)
(12,900)
Net Income Before Income Taxes
81,500
Income Tax Expense
16,200
Net Income
$ 65,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed2ab6cf-816b-4f2e-96c8-0e26e1b7b158%2Fb98de515-fbc9-4d07-be46-81c95454a084%2F4q6f39q.png&w=3840&q=75)
Transcribed Image Text:ATTLEBORO GROUP, INC.
Income Statement
Year Ended December 31, 2018
Net Sales Revenue
$ 441,000
Cost of Goods Sold
205,400
Gross Profit
235,600
Operating Expenses:
Salaries Expense
$ 76,300
Depreciation Expense
15,300
Other Operating Expenses
49,600
Total Operating Expenses
141,200
Operating Income
94,400
Other Income and (Expenses):
Interest Revenue
11,500
Interest Expense
(24,400)
Total Other Income and (Expenses)
(12,900)
Net Income Before Income Taxes
81,500
Income Tax Expense
16,200
Net Income
$ 65,300
![ATTLEBORO GROUP, INC.
Comparative Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Current Assets:
Cash
$ 14,000
$ 15,500
Accounts Receivable
42,000
43,700
Merchandise Inventory
96,800
93,300
Long-term Assets:
Land
36,400
11,000
Plant Assets
121,250
112,850
Accumulated Depreciation-Plant Assets
(20,350)
(18,650)
Total Assets
$ 290,100
$ 257,700
Liabilities
Current Liabilities:
Accounts Payable
$ 24,500
$ 26,000
Accrued Liabilities
23,900
22,600
Long-term Liabilities:
Notes Payable
56,000
69,000
Total Liabilities
104,400
117,600
Stockholders' Equity
Common Stock, no par
129,500
121,000
Retained Earnings
56,200
19,100
Total Stockholders' Equity
185,700
140,100
Total Liabilities anc Stockholders' Equity
$ 290,100
$ 257,700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed2ab6cf-816b-4f2e-96c8-0e26e1b7b158%2Fb98de515-fbc9-4d07-be46-81c95454a084%2F97ri9kw.png&w=3840&q=75)
Transcribed Image Text:ATTLEBORO GROUP, INC.
Comparative Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Current Assets:
Cash
$ 14,000
$ 15,500
Accounts Receivable
42,000
43,700
Merchandise Inventory
96,800
93,300
Long-term Assets:
Land
36,400
11,000
Plant Assets
121,250
112,850
Accumulated Depreciation-Plant Assets
(20,350)
(18,650)
Total Assets
$ 290,100
$ 257,700
Liabilities
Current Liabilities:
Accounts Payable
$ 24,500
$ 26,000
Accrued Liabilities
23,900
22,600
Long-term Liabilities:
Notes Payable
56,000
69,000
Total Liabilities
104,400
117,600
Stockholders' Equity
Common Stock, no par
129,500
121,000
Retained Earnings
56,200
19,100
Total Stockholders' Equity
185,700
140,100
Total Liabilities anc Stockholders' Equity
$ 290,100
$ 257,700
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