Cash Accounts Receivable Note Receivable Inventory Investment in Score Company Plant and Equipment Land Dividends Declared Cost of Goods Sold Operating Expenses Total Debits Accounts Payable Notes Payable Common Stock Other Contributed Capital Retained Earnings, 1/1 Sales Dividend and Interest Income Total Credits id by $ 109,000 $ 78,000 166,000 94,000 75,000 -0- 309,000 158,000 450,000 -0- 940,000 420,000- 160,000 70,000 70,000 50,000 822,000 242,000 250.500 124,000 $3.351.500 $1,236,000 $ 132,000 $ 46,000 300,000 120,000 500,000 200,000 260,000 160,000 687,000 210,000 1,420,000 500,000 52.500 $3.351.500 $1,236,000

Cash Accounts Receivable Note Receivable Inventory Investment in Score Company Plant and Equipment Land Dividends Declared Cost of Goods Sold Operating Expenses Total Debits Accounts Payable Notes Payable Common Stock Other Contributed Capital Retained Earnings, 1/1 Sales Dividend and Interest Income Total Credits id by $ 109,000 $ 78,000 166,000 94,000 75,000 -0- 309,000 158,000 450,000 -0- 940,000 420,000- 160,000 70,000 70,000 50,000 822,000 242,000 250.500 124,000 $3.351.500 $1,236,000 $ 132,000 $ 46,000 300,000 120,000 500,000 200,000 260,000 160,000 687,000 210,000 1,420,000 500,000 52.500 $3.351.500 $1,236,000

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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What is the income from operations and the net income?
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Lincoln Corp. - Income Statement as of December 31st, 20X4 Revenue Cost of Goods Sold Gross Profit Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 20X4 Assets Cash Lincoln Corp. Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation Total Assets $5,000 $3,200 $1,800 $1,350 $ 450 $ $ $ 20 180 250 Balance Sheet December 31 20X4 Liabilities & Shareholders' Equity Account Payable Operating expenses payable Income taxes payable $ 2,350 $ $ $ $ 2,500 $(1,350) $ 4,790 680 210 $ 120 LA LA LA 450 800 40 $ 20X3 $ 1,800 $1,000 $ 700 $ 80 $ 1,500 $(1,000) $ 4,080 $ $ $ 350 100 0
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Statement of Cash Flows The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $76,950 $94,390 Accounts receivable (net) 118,230 127,250 Merchandise inventory 168,910 157,720 Prepaid expenses 6,880 4,780 Equipment 344,060 282,580 Accumulated depreciation-equipment (89,460) (69,300) Total assets $625,570 $597,420 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $131,370 $124,860 Mortgage note payable 0 179,230 Common stock, $1 par 21,000 13,000 Excess of paid-in capital over par 304,000 168,000 Retained earnings 169,200 112,330 Total liabilities and stockholders’ equity $625,570 $597,420 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $145,590. Depreciation…
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Aa.1