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Babybus Company Comparative Statements of Financial Position December 31 operty, plant, and equipment Land Machine Accumulated depreciation machine on Current Asset Long term Investments urrent assets Prepaid expenses Inventory Account receivable Cash Total Assets quity and Liabilities quity Share capital ordinanry Retained earnings on-current liabilities Bonds payable urrent liabilities Accounts payable Accrued expense payable Total equity and liabilities les revenue ost of good sold perating expenses (excluding depreciation) preciation expense terest expense come tax expense Income 2020 2019 80,000 327,500 242,500 (82,000) (52,000) 140,000 114,000 34,900 26,000 164,400 102,850 142,500 90,000 50,500 48,400 857,800 $71,750 225,600 175,000 221,500 105,450 Babybus Company Income Statement For the Year Ended December 31, 2020 230,000 150,000 155,000 124,300 25,700 17,000 857,800 571,750 255,650 27,820 30,000 10,700 32,300 495,000 356,470 138,530 dditional Information for 2020: 1 Issued $80,000 of long-term bonds in direct exchange for land. ccountant for Babybus Company has prepared Statement of Cash Flow for year ended December 31, 2020 et cash provided (used) by operating activities is 84980 et cash provided (used) by investing activities is -85000 x et cash provided (used) by financing activities is 28120

Babybus Company Comparative Statements of Financial Position December 31 operty, plant, and equipment Land Machine Accumulated depreciation machine on Current Asset Long term Investments urrent assets Prepaid expenses Inventory Account receivable Cash Total Assets quity and Liabilities quity Share capital ordinanry Retained earnings on-current liabilities Bonds payable urrent liabilities Accounts payable Accrued expense payable Total equity and liabilities les revenue ost of good sold perating expenses (excluding depreciation) preciation expense terest expense come tax expense Income 2020 2019 80,000 327,500 242,500 (82,000) (52,000) 140,000 114,000 34,900 26,000 164,400 102,850 142,500 90,000 50,500 48,400 857,800 $71,750 225,600 175,000 221,500 105,450 Babybus Company Income Statement For the Year Ended December 31, 2020 230,000 150,000 155,000 124,300 25,700 17,000 857,800 571,750 255,650 27,820 30,000 10,700 32,300 495,000 356,470 138,530 dditional Information for 2020: 1 Issued $80,000 of long-term bonds in direct exchange for land. ccountant for Babybus Company has prepared Statement of Cash Flow for year ended December 31, 2020 et cash provided (used) by operating activities is 84980 et cash provided (used) by investing activities is -85000 x et cash provided (used) by financing activities is 28120

FINANCIAL ACCOUNTING
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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The following financial statement for Babybus Company: Babybus Company Comparative Statements of Financial Position December 31 Assets Property, plant, and equipment Land Machine Accumulated depreciation machine Non Current Asset Long term Investments Current assets Prepaid expenses Inventory Account receivable Cash Total Assets Equity and Liabilities Equity Share capital-ordinanry Retained earnings Non-current liabilities Bonds payable Current liabilities Accounts payable Accrued expense payable Total equity and liabilities Sales revenue Less: Cost of good sold Operating expenses (excluding depreciation) Depreciation expense Interest expense Income tax expense Net Income 2020 2019 80,000 327,500 242,500 (82,000) (52,000) 140,000 114,000 34,900 26,000 164,400 102,850 142,500 90,000 50,500 48,400 857,800 571,750 225,600 175,000 221,500 105,450 230,000 150,000 Babybus Company Income Statement For the Year Ended December 31, 2020 155,000 124,300 25,700 17,000 857,800 571,750 255,650 27,820 30,000 10,700 32,300 495,000 356,470 138,530 Additional Information for 2020: 1 Issued $80,000 of long-term bonds in direct exchange for land. Accountant for Babybus Company has prepared Statement of Cash Flow for year ended December 31, 2020: Net cash provided (used) by operating activities is 84980 Net cash provided (used) by investing activities is -85000 x Net cash provided (used) by financing activities is 28120
Transcribed Image Text:The following financial statement for Babybus Company: Babybus Company Comparative Statements of Financial Position December 31 Assets Property, plant, and equipment Land Machine Accumulated depreciation machine Non Current Asset Long term Investments Current assets Prepaid expenses Inventory Account receivable Cash Total Assets Equity and Liabilities Equity Share capital-ordinanry Retained earnings Non-current liabilities Bonds payable Current liabilities Accounts payable Accrued expense payable Total equity and liabilities Sales revenue Less: Cost of good sold Operating expenses (excluding depreciation) Depreciation expense Interest expense Income tax expense Net Income 2020 2019 80,000 327,500 242,500 (82,000) (52,000) 140,000 114,000 34,900 26,000 164,400 102,850 142,500 90,000 50,500 48,400 857,800 571,750 225,600 175,000 221,500 105,450 230,000 150,000 Babybus Company Income Statement For the Year Ended December 31, 2020 155,000 124,300 25,700 17,000 857,800 571,750 255,650 27,820 30,000 10,700 32,300 495,000 356,470 138,530 Additional Information for 2020: 1 Issued $80,000 of long-term bonds in direct exchange for land. Accountant for Babybus Company has prepared Statement of Cash Flow for year ended December 31, 2020: Net cash provided (used) by operating activities is 84980 Net cash provided (used) by investing activities is -85000 x Net cash provided (used) by financing activities is 28120
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