Balance Sheets At December 31 2018 2017 2018 2017 Assets: $ 24,640 $ 23,040 32,180 73,125 55,900 175,500 145,500Equity: (33,550) (31.200) Common stock $327.795 $284.850 APIC Liabilities: Accounts payable 29,400 Income taxes payable 61,710 Bonds payable 56,400Total liabilities Cash $65,000 $ 40,380 10,725 10,200 48,750 66.000 $124,475 $116,580 Accounts receivable Merchandise inventory Long-term investments Equipment Acc. depreciation Total assets 96,000 9,000 63,270 $203.320 $168.270 Total liabilities and equity $327.795 $284.850 117,000 13,000 73,320 Retained earnings Total equity Eddy Inc. Income Statement For Year Ended December 31, 2018 $240,000 Sales Cost of goods sold Depreciation expense Other operating expenses Interest expense Other gains (losses): Loss on sale of equipment Income before taxes Income taxes expense S80,900 29,400 48,000 2,000 (160,300 (8,400 71,300 27,650 $ 43.650 Net income
Balance Sheets At December 31 2018 2017 2018 2017 Assets: $ 24,640 $ 23,040 32,180 73,125 55,900 175,500 145,500Equity: (33,550) (31.200) Common stock $327.795 $284.850 APIC Liabilities: Accounts payable 29,400 Income taxes payable 61,710 Bonds payable 56,400Total liabilities Cash $65,000 $ 40,380 10,725 10,200 48,750 66.000 $124,475 $116,580 Accounts receivable Merchandise inventory Long-term investments Equipment Acc. depreciation Total assets 96,000 9,000 63,270 $203.320 $168.270 Total liabilities and equity $327.795 $284.850 117,000 13,000 73,320 Retained earnings Total equity Eddy Inc. Income Statement For Year Ended December 31, 2018 $240,000 Sales Cost of goods sold Depreciation expense Other operating expenses Interest expense Other gains (losses): Loss on sale of equipment Income before taxes Income taxes expense S80,900 29,400 48,000 2,000 (160,300 (8,400 71,300 27,650 $ 43.650 Net income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
![Additional information:
(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.
(2) Old equipment with an original cost of $37,550 was sold for $2,100 cash.
(3) New equipment was purchased for $67,550 cash.
(4) Cash dividends of $33,6Ọ0 were paid.
(5) Additional shares of stock were issued for cash.
Complete the statement of cash flows for Eddy Inc. for 2018 using the ind
method.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7446817f-74fe-472a-8277-de0d83d53787%2Fb283a59f-38e5-4fb5-91c4-3d3b29519c4f%2Fdcj8koo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Additional information:
(1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired.
(2) Old equipment with an original cost of $37,550 was sold for $2,100 cash.
(3) New equipment was purchased for $67,550 cash.
(4) Cash dividends of $33,6Ọ0 were paid.
(5) Additional shares of stock were issued for cash.
Complete the statement of cash flows for Eddy Inc. for 2018 using the ind
method.
![Balance Sheets
At December 31
2018
2017
2018
2017
Liabilities:
Accounts payable
29,400 Income taxes payable
61,710 Bonds payable
56,400Total liabilities
Assets:
Cash
Accounts receivable
Merchandise inventory
Long-term investments
Equipment
Acc. depreciation
Total assets
$ 24,640 $ 23,040
32,180
73,125
55,900
175,500 145,500Equity:
(33,550) (31.200) Common stock
$327.795 $284.850 APIC
$65,000 $ 40,380
10,725
10,200
48.750
66.000
$124,475 $116,580
96,000
9,000
63.270
$203.320 $168.270
Total liabilities and equity $327.795 $284.850
117,000
13,000
73,320
Retained earnings
Total equity
Eddy Inc.
Income Statement
For Year Ended December 31, 2018
$240,000
Sales
Cost of goods sold
Depreciation expense
Other operating expenses
Interest expense
Other gains (losses):
Loss on sale of equipment
$80,900
29,400
48,000
2,000 (160,300)
(8,400)
71,300
27,650
$ 43.650
Income before taxes
Income taxes expense
Net income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7446817f-74fe-472a-8277-de0d83d53787%2Fb283a59f-38e5-4fb5-91c4-3d3b29519c4f%2Fo7p7l2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Balance Sheets
At December 31
2018
2017
2018
2017
Liabilities:
Accounts payable
29,400 Income taxes payable
61,710 Bonds payable
56,400Total liabilities
Assets:
Cash
Accounts receivable
Merchandise inventory
Long-term investments
Equipment
Acc. depreciation
Total assets
$ 24,640 $ 23,040
32,180
73,125
55,900
175,500 145,500Equity:
(33,550) (31.200) Common stock
$327.795 $284.850 APIC
$65,000 $ 40,380
10,725
10,200
48.750
66.000
$124,475 $116,580
96,000
9,000
63.270
$203.320 $168.270
Total liabilities and equity $327.795 $284.850
117,000
13,000
73,320
Retained earnings
Total equity
Eddy Inc.
Income Statement
For Year Ended December 31, 2018
$240,000
Sales
Cost of goods sold
Depreciation expense
Other operating expenses
Interest expense
Other gains (losses):
Loss on sale of equipment
$80,900
29,400
48,000
2,000 (160,300)
(8,400)
71,300
27,650
$ 43.650
Income before taxes
Income taxes expense
Net income
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