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
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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.
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
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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