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Cash Accounts receivable (net) Inventories Plant assets (net) Accounts payable Income taxes payable Bonds payable 10% Preferred stock, $50 par Common stock, $10 par Paid-in capital in excess of par Retained earnings Net credit sales Cost of goods sold Operating expenses Net income December 31 2021 2020 $ 1,500,000 $1,000,000 1,600,000 2,600,000 7,000,000 1,100,000 200,000 1,400,000 2,000,000 2,400,000 1,600,000 4,000,000 500/7,200 300/7,200 1,500/8,000 12,800,000 8,400,000 2,900,000 1,500,000 The return on common stock holders' equity for 2021 is 1,200,000 2,200,000 6,500,000 800,000 itional information: reciation included in cost of goods sold and operating expenses is $1,220,000. On May 1, 2021, 60,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 202 100,000 1,400,000 2,000,000 1,800,000 1,300,000 3,500,000

Cash Accounts receivable (net) Inventories Plant assets (net) Accounts payable Income taxes payable Bonds payable 10% Preferred stock, $50 par Common stock, $10 par Paid-in capital in excess of par Retained earnings Net credit sales Cost of goods sold Operating expenses Net income December 31 2021 2020 $ 1,500,000 $1,000,000 1,600,000 2,600,000 7,000,000 1,100,000 200,000 1,400,000 2,000,000 2,400,000 1,600,000 4,000,000 500/7,200 300/7,200 1,500/8,000 12,800,000 8,400,000 2,900,000 1,500,000 The return on common stock holders' equity for 2021 is 1,200,000 2,200,000 6,500,000 800,000 itional information: reciation included in cost of goods sold and operating expenses is $1,220,000. On May 1, 2021, 60,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 202 100,000 1,400,000 2,000,000 1,800,000 1,300,000 3,500,000

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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Cash Accounts receivable (net) Inventories Plant assets (net) Accounts payable Income taxes payable Bonds payable 10% Preferred stock, $50 par Common stock, $10 par -in capital in excess of par y Retained earnings Net credit sales Cost of goods sold Operating expenses Net income 1,500/7,200 1,300/7,200 2021 2020 $1,500,000 $1,000,000 o 1,500/8,000 1,300/8,000 December 31 " 1,600,000 2,600,000 7,000,000 1,100,000 200,000 1,400,000 2,000,000 2,400,000 1,600,000 4,000,000 12,800,000 8,400,000 2,900,000 1,500,000 67. The return on common stock holders' equity for 2021 is 1,200,000 2,200,000 6,500,000 800,000 100,000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1,220,000. On May 1, 2021, 60,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. 1,400,000 2,000,000 1,800,000 1,300,000 3,500,000
Transcribed Image Text:Cash Accounts receivable (net) Inventories Plant assets (net) Accounts payable Income taxes payable Bonds payable 10% Preferred stock, $50 par Common stock, $10 par -in capital in excess of par y Retained earnings Net credit sales Cost of goods sold Operating expenses Net income 1,500/7,200 1,300/7,200 2021 2020 $1,500,000 $1,000,000 o 1,500/8,000 1,300/8,000 December 31 " 1,600,000 2,600,000 7,000,000 1,100,000 200,000 1,400,000 2,000,000 2,400,000 1,600,000 4,000,000 12,800,000 8,400,000 2,900,000 1,500,000 67. The return on common stock holders' equity for 2021 is 1,200,000 2,200,000 6,500,000 800,000 100,000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1,220,000. On May 1, 2021, 60,000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. 1,400,000 2,000,000 1,800,000 1,300,000 3,500,000
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