Dawson Company's balance sheet information at the end of Year 2 and Year 3 is as follows: Year 2Year 3Current assets$ (a)$25,000Long-term liabilities(b)34,900Total contributed capital(c)(g)Long-term investments19,200(h)Retained earnings51,80058,100Total liabilities(d)(i)Intangible assets10,4009,000Current liabilities14,50013,000Common stock, $5 par(e)20,000Total assets142,800(j)Additional paid-in capital15,000(k)Property, plant, and equipment (net)85,70092,800Accumulated other comprehensive income6,5008,000Total shareholders' equity(f)(l) Additional information: The company did not issue any common stock during Year 3.

A balance sheet is a financial statement that presents a company's financial position at a specific…

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8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.1MBA

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Dawson Company's balance sheet information at the end of Year 2 and Year 3 is as follows:

	Year 2	Year 3
Current assets	$ (a)	$25,000
Long-term liabilities	(b)	34,900
Total contributed capital	(c)	(g)
Long-term investments	19,200	(h)
Retained earnings	51,800	58,100
Total liabilities	(d)	(i)
Intangible assets	10,400	9,000
Current liabilities	14,500	13,000
Common stock, $5 par	(e)	20,000
Total assets	142,800	(j)
Additional paid-in capital	15,000	(k)
Property, plant, and equipment (net)	85,700	92,800
Accumulated other comprehensive income	6,500	8,000
Total shareholders' equity	(f)	(l)