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

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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