Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp (Linc) for December 31, 20X4 and 20X3 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 Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation. Total Assets Liabilities & Shareholders' Equity Account Payable. Lincoln Corp. - Balance Sheet Additional Information for Lincoln Corp: $5,000 $3,200 $1,800 $1,350 $ 450 Operating expenses payable Income taxes payable. Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity $ 20 $ 180 $ 250 11) Dividends were declared 12) Long term notes payable were issued The equity ratio at December 20X4 was: - 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new machine was purchased during the year for $1,200 December 31 $ 2,350 $ 450 $ 800 40 $ $ 2,500 $(1,350) $ 4,790 $ $ 20x4 $ $ 680 210 120 $ $ $ 50 $ $ 300 $ 2,500 $ 930 $ 4,790 20X3 $ 1,800 $ 1,000 $ 700 $ 80 $ 1,500 $(1,000) $ 4,080 350 100 0 100 70 $ $ 2,500 $ 960 $4,790
Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp (Linc) for December 31, 20X4 and 20X3 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 Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation. Total Assets Liabilities & Shareholders' Equity Account Payable. Lincoln Corp. - Balance Sheet Additional Information for Lincoln Corp: $5,000 $3,200 $1,800 $1,350 $ 450 Operating expenses payable Income taxes payable. Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity $ 20 $ 180 $ 250 11) Dividends were declared 12) Long term notes payable were issued The equity ratio at December 20X4 was: - 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new machine was purchased during the year for $1,200 December 31 $ 2,350 $ 450 $ 800 40 $ $ 2,500 $(1,350) $ 4,790 $ $ 20x4 $ $ 680 210 120 $ $ $ 50 $ $ 300 $ 2,500 $ 930 $ 4,790 20X3 $ 1,800 $ 1,000 $ 700 $ 80 $ 1,500 $(1,000) $ 4,080 350 100 0 100 70 $ $ 2,500 $ 960 $4,790
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
what was the equity ratio at December 20x4?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education