Assets: Cash Lincoln Corp. - Balance Sheet - December 31 20X4 Accounts Receivable Inventory Prepaid expenses Equipment Accumulated Depreciation Total Assets Liabilities & Shareholders' Equity Accounts Payable Operating expenses payable Income Taxes Payable Dividends Payable Long term notes Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity Additional Information for Lincoln Corp: 1) Operating expenses for 20X4 included depreciation for $500 2) Accounts payable relate exclusively to the purchase of inventory 3) Machine with a historical cost of $200 was sold at a loss of $20 4) A new machine was purchased during the year for $1,200 5) Dividends were declared 6) Long term notes payable were issued $ 2,350 450 800 40 2,500 (1,350) $ 4,790 680 210 120 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 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 2012 $5,000 $3,200 $1,800 $1,350 $ 450 $ 20 LA LA LA LA $ 180 $ 250
Assets: Cash Lincoln Corp. - Balance Sheet - December 31 20X4 Accounts Receivable Inventory Prepaid expenses Equipment Accumulated Depreciation Total Assets Liabilities & Shareholders' Equity Accounts Payable Operating expenses payable Income Taxes Payable Dividends Payable Long term notes Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity Additional Information for Lincoln Corp: 1) Operating expenses for 20X4 included depreciation for $500 2) Accounts payable relate exclusively to the purchase of inventory 3) Machine with a historical cost of $200 was sold at a loss of $20 4) A new machine was purchased during the year for $1,200 5) Dividends were declared 6) Long term notes payable were issued $ 2,350 450 800 40 2,500 (1,350) $ 4,790 680 210 120 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 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 2012 $5,000 $3,200 $1,800 $1,350 $ 450 $ 20 LA LA LA LA $ 180 $ 250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the total “Net Cash provided/used by Financing Activities” when using the direct method
Transcribed Image Text:Assets:
Cash
Lincoln Corp. - Balance Sheet - December 31
20X4
Accounts Receivable
Inventory
Prepaid expenses
Equipment
Accumulated Depreciation
Total Assets
Liabilities & Shareholders' Equity
Accounts Payable
Operating expenses payable
Income Taxes Payable
Dividends Payable
Long term notes Payable
Common Shares
Retained Earnings
Total Liabilities & Shareholders' Equity
Additional Information for Lincoln Corp:
1) Operating expenses for 20X4 included depreciation for $500
2) Accounts payable relate exclusively to the purchase of inventory
3) Machine with a historical cost of $200 was sold at a loss of $20
4) A new machine was purchased during the year for $1,200
5) Dividends were declared
6) Long term notes payable were issued
$ 2,350
450
800
40
2,500
(1,350)
$ 4,790
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
Transcribed Image Text:Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp 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 2012
$5,000
$3,200
$1,800
$1,350
$ 450
$ 20
LA LA LA LA
$ 180
$ 250
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