For the year ending March 31, 20Y5, Omega Systems Inc. reported net income of $105,450 and paid dividends of $7,500. Comparative balance sheets as of March 31, 20Y5 and 20Y4, are as follows: OMEGA SYSTEMS INC. Balance Sheets Changes Increase March 31, 20YS 20Y4 (Decrease) Assets Current assets Cash.. $ 30,500 $ 29,250 $ 10,250 Accounts receivable 114,120 126,550 6,600 78,000 117,550 5,000 36,120 Inventory .. Estimated Retums lInventory. 9,000 1,600 Ofice supplies.. Prepaid insurance. 4255 4,435 4,500 (180) 3,075 25000 s236,735 (525) 5 56,265 Tetal cument assets. Property, plant, and equipment: Land... 5 30,000 5 30,000 Store equipment.. 350,000 285,000 65,000 (24,650) 8,355 Accumulated depreciation-store equipment. (118,550) 23,355 (3,900) 15,000 Ofice equipment. Accumulated depreciation-office equipment Total property, plant, and equipment.. Total assets .. 0,080) 327,725 S 572,725 (3,345) $232,755 S471,490 (3,735) 3 4,970 S101,235 Liabilities Current liabilities $ 24630 $ 13,905 $ 10725 Accounts payable . Customer refunds payable. Notes payable (curment portion). Salaries payabile.. Unearned rent. Total cument liabilities. 9,000 7,500 7,500 1,500 7,500 1,710 2,250 (540 2,700 3,600 45,540 3 34,75s (300) S 10,785 Long-tarm liabilities: Notes payable final p yment due in eight yan). 30,000 37,500 S 75,540 3 72,55 (7,500 $ 3,185 Totaliabilities. Stockholders' Equity $ 37,500 $ 37,500 361,735 $390,135 5471,490 Commen stock. Retained earnings. Total stockholders equity. 450,685 5497, 185 5 572,725 97,950 $ 97,950 S101,135 Tetaliabilities and stockholders'equity
For the year ending March 31, 20Y5, Omega Systems Inc. reported net income of $105,450 and paid dividends of $7,500. Comparative balance sheets as of March 31, 20Y5 and 20Y4, are as follows: OMEGA SYSTEMS INC. Balance Sheets Changes Increase March 31, 20YS 20Y4 (Decrease) Assets Current assets Cash.. $ 30,500 $ 29,250 $ 10,250 Accounts receivable 114,120 126,550 6,600 78,000 117,550 5,000 36,120 Inventory .. Estimated Retums lInventory. 9,000 1,600 Ofice supplies.. Prepaid insurance. 4255 4,435 4,500 (180) 3,075 25000 s236,735 (525) 5 56,265 Tetal cument assets. Property, plant, and equipment: Land... 5 30,000 5 30,000 Store equipment.. 350,000 285,000 65,000 (24,650) 8,355 Accumulated depreciation-store equipment. (118,550) 23,355 (3,900) 15,000 Ofice equipment. Accumulated depreciation-office equipment Total property, plant, and equipment.. Total assets .. 0,080) 327,725 S 572,725 (3,345) $232,755 S471,490 (3,735) 3 4,970 S101,235 Liabilities Current liabilities $ 24630 $ 13,905 $ 10725 Accounts payable . Customer refunds payable. Notes payable (curment portion). Salaries payabile.. Unearned rent. Total cument liabilities. 9,000 7,500 7,500 1,500 7,500 1,710 2,250 (540 2,700 3,600 45,540 3 34,75s (300) S 10,785 Long-tarm liabilities: Notes payable final p yment due in eight yan). 30,000 37,500 S 75,540 3 72,55 (7,500 $ 3,185 Totaliabilities. Stockholders' Equity $ 37,500 $ 37,500 361,735 $390,135 5471,490 Commen stock. Retained earnings. Total stockholders equity. 450,685 5497, 185 5 572,725 97,950 $ 97,950 S101,135 Tetaliabilities and stockholders'equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
| Appendix statement of |
Transcribed Image Text:For the year ending March 31, 20Y5, Omega Systems Inc. reported net income of $105,450
and paid dividends of $7,500. Comparative balance sheets as of March 31, 20Y5 and 20Y4,
are as follows:
OMEGA SYSTEMS INC.
Balance Sheets
Changes
Increase
March 31,
20YS
20Y4
(Decrease)
Assets
Current assets
Cash..
$ 30,500 $ 29,250
$ 10,250
Accounts receivable
114,120
126,550
6,600
78,000
117,550
5,000
36,120
Inventory ..
Estimated Retums lInventory.
9,000
1,600
Ofice supplies..
Prepaid insurance.
4255
4,435
4,500
(180)
3,075
25000 s236,735
(525)
5 56,265
Tetal cument assets.
Property, plant, and equipment:
Land...
5 30,000 5 30,000
Store equipment..
350,000
285,000
65,000
(24,650)
8,355
Accumulated depreciation-store equipment.
(118,550)
23,355
(3,900)
15,000
Ofice equipment.
Accumulated depreciation-office equipment
Total property, plant, and equipment..
Total assets ..
0,080)
327,725
S 572,725
(3,345)
$232,755
S471,490
(3,735)
3 4,970
S101,235
Liabilities
Current liabilities
$ 24630 $ 13,905
$ 10725
Accounts payable .
Customer refunds payable.
Notes payable (curment portion).
Salaries payabile..
Unearned rent.
Total cument liabilities.
9,000
7,500
7,500
1,500
7,500
1,710
2,250
(540
2,700
3,600
45,540 3 34,75s
(300)
S 10,785
Long-tarm liabilities:
Notes payable final p yment due in eight yan).
30,000
37,500
S 75,540 3 72,55
(7,500
$ 3,185
Totaliabilities.
Stockholders' Equity
$ 37,500
$ 37,500
361,735
$390,135
5471,490
Commen stock.
Retained earnings.
Total stockholders equity.
450,685
5497, 185
5 572,725
97,950
$ 97,950
S101,135
Tetaliabilities and stockholders'equity
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 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