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 $5,000 $3,200 $1,800 $1,350 $450 $ $ $ 250 Lincoln Corp. - Balance Sheet Liabilities & Shareholders' Equity. Account Payable Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 12) Long term notes payable were issued The equity ratio at December 20X4 was: 20 180 M Additional Information for Lincoln Corp: 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 11) Dividends were declared December 31 20x4 $ 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 (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 $5,000 $3,200 $1,800 $1,350 $450 $ $ $ 250 Lincoln Corp. - Balance Sheet Liabilities & Shareholders' Equity. Account Payable Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 12) Long term notes payable were issued The equity ratio at December 20X4 was: 20 180 M Additional Information for Lincoln Corp: 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 11) Dividends were declared December 31 20x4 $ 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Lincoln Corp.
Accounts Receivable
Inventory
Prepaid Expenses
Equipment
Accumulated Depreciation
Total Assets
Liabilities & Shareholders' Equity
Account Payable
Additional Information for Lincoln Corp:
$5,000
$3,200
$1,800
11) Dividends were declared
$1,350
$ 450
12) Long term notes payable were issued
The equity ratio at December 20X4 was:
$
$
Operating expenses payable
Income taxes payable
Dividends Payable
Long-term Notes Payable
Common shares
Retained Earnings
Total Liabilities & Shareholders' Equity
20
180
$250
Balance Sheet - December 31
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 mechine was purchased during the year for $1,200
20X4
$ 2,350
$
$
450
800
40
$
$ 2,500
$(1,350)
$ 4,790
$
$
$
$
$
$ 2,500
$ 930
$ 4,790
20X3
$ 1,800
$ 1,000
$ 700
$
80
$ 1,500
$(1,000)
$ 4,080
680 $
210 $
350
100
120 $ 0
50 $ 100
300 $ 70
$ 2,500
$ 960
$4,790
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