Balance Sheets as of December 31, 2017, and December 31, 2018 2017 2018 Changes Assets Cash $ 150 $ 125 $ (25) Accounts receivable 350 375 25 Inventory Total current assets 475 550 75 $ 975 $ 2,425 (1,000) $1,425 $2.400 $ 1,050 $ 2,750 (1,200) $1,550 $2,600 $ 75 $ 325 (200) $ 125 Grossfixed assets Accumulated depreciation Net fixed assets TOTAL ASSETS $200 Debt (Lia bilities) and Equity Debt Accounts payable $ 200 $ 150 $ (50) Short-tem notes 150 150 Total current liabilities $ 200 $ 300 $ 100 Long-term debt 600 Total debt $ 800 $ 900 $ 100 Owners' equity Common stock $ 900 $ 900 Retained earnings Total owners' equity 700 800 100 $1.600 $2,400 $1,700 $2,600 $ 100 $ 200 TOTAL DEBT AND OWNERS' EQUITY Income Statement January 1-December 2018 $1,450 (850) $ 600 (240) $ 360 Sales Cost of goods sold Grossprofits Operating expenses Operating profits (64) $ 296 (118) S 178 $ 178 Interest expense Profits before taxes Тахes Net profits Net profits Dividends paid Increase in retained earnings (78) $ 100

Balance Sheets as of December 31, 2017, and December 31, 2018 2017 2018 Changes Assets Cash $ 150 $ 125 $ (25) Accounts receivable 350 375 25 Inventory Total current assets 475 550 75 $ 975 $ 2,425 (1,000) $1,425 $2.400 $ 1,050 $ 2,750 (1,200) $1,550 $2,600 $ 75 $ 325 (200) $ 125 Grossfixed assets Accumulated depreciation Net fixed assets TOTAL ASSETS $200 Debt (Lia bilities) and Equity Debt Accounts payable $ 200 $ 150 $ (50) Short-tem notes 150 150 Total current liabilities $ 200 $ 300 $ 100 Long-term debt 600 Total debt $ 800 $ 900 $ 100 Owners' equity Common stock $ 900 $ 900 Retained earnings Total owners' equity 700 800 100 $1.600 $2,400 $1,700 $2,600 $ 100 $ 200 TOTAL DEBT AND OWNERS' EQUITY Income Statement January 1-December 2018 $1,450 (850) $ 600 (240) $ 360 Sales Cost of goods sold Grossprofits Operating expenses Operating profits (64) $ 296 (118) S 178 $ 178 Interest expense Profits before taxes Тахes Net profits Net profits Dividends paid Increase in retained earnings (78) $ 100

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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