CONCORD Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,000 $33,400 Accounts receivable 86,500 70,900 Inventory 170,000 187,000 Land 72,900 100,300 Equipment 261,000 200,700 Accumulated depreciation-equipment (66,000) (34,200) Total $597,400 $558,100 Liabilities and Stockholders' Equity Accounts payable $35,400 $47,000 Bonds payable 148,800 203,600 Common stock ($1 par) 216,500 175,300 Retained earnings 196,700 132,200 Total $597,400 $558,100 Additional information: 1. Net income for 2022 was $101,800. 2. 3. 4. Depreciation expense was $31,800. Cash dividends of $37,300 were declared and paid. Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash. 5. Common stock was issued at par for $41,200 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.
CONCORD Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $73,000 $33,400 Accounts receivable 86,500 70,900 Inventory 170,000 187,000 Land 72,900 100,300 Equipment 261,000 200,700 Accumulated depreciation-equipment (66,000) (34,200) Total $597,400 $558,100 Liabilities and Stockholders' Equity Accounts payable $35,400 $47,000 Bonds payable 148,800 203,600 Common stock ($1 par) 216,500 175,300 Retained earnings 196,700 132,200 Total $597,400 $558,100 Additional information: 1. Net income for 2022 was $101,800. 2. 3. 4. Depreciation expense was $31,800. Cash dividends of $37,300 were declared and paid. Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash. 5. Common stock was issued at par for $41,200 cash. 6. No equipment was sold during 2022. 7. Land was sold for its book value.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following are comparative
Transcribed Image Text:CONCORD Company
Comparative Balance Sheets
December 31
Assets
2022
2021
Cash
$73,000
$33,400
Accounts receivable
86,500
70,900
Inventory
170,000
187,000
Land
72,900
100,300
Equipment
261,000
200,700
Accumulated depreciation-equipment
(66,000)
(34,200)
Total
$597,400
$558,100
Liabilities and Stockholders' Equity
Accounts payable
$35,400
$47,000
Bonds payable
148,800
203,600
Common stock ($1 par)
216,500
175,300
Retained earnings
196,700
132,200
Total
$597,400
$558,100
Additional information:
1.
Net income for 2022 was $101,800.
2.
3.
4.
Depreciation expense was $31,800.
Cash dividends of $37,300 were declared and paid.
Bonds payable with a carrying value of $54,800 were redeemed for $54,800 cash.
5.
Common stock was issued at par for $41,200 cash.
6.
No equipment was sold during 2022.
7.
Land was sold for its book value.
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