Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 47,600 $ 15,400 Accounts receivable 61,600 53,200 Inventory 116,900 132,300 Land 56,000 70,000 Equipment 182,000 140,000 Accumulated depreciation-equipment (46,200 ) (22,400 ) Total $417,900 $388,500 Liabilities and Stockholders' Equity Accounts payable $ 27,300 $ 30,100 Bonds payable 105,000 140,000 Common stock ($1 par) 151,200 121,800 Retained earnings 134,400 96,600 Total $417,900 $388,500 Additional information: 1. Net income for 2022 was $65,100. 2. Depreciation expense was $23,800. 3. Cash dividends of $27,300 were declared and paid. 4. Bonds payable amounting to $35,000 were redeemed for cash $35,000. 5. Common stock was issued for $29,400 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.

Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 47,600 $ 15,400 Accounts receivable 61,600 53,200 Inventory 116,900 132,300 Land 56,000 70,000 Equipment 182,000 140,000 Accumulated depreciation-equipment (46,200 ) (22,400 ) Total $417,900 $388,500 Liabilities and Stockholders' Equity Accounts payable $ 27,300 $ 30,100 Bonds payable 105,000 140,000 Common stock ($1 par) 151,200 121,800 Retained earnings 134,400 96,600 Total $417,900 $388,500 Additional information: 1. Net income for 2022 was $65,100. 2. Depreciation expense was $23,800. 3. Cash dividends of $27,300 were declared and paid. 4. Bonds payable amounting to $35,000 were redeemed for cash $35,000. 5. Common stock was issued for $29,400 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.

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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