Golf Goods Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: • Purchased a long-term investment for cash, $11,000. • Paid cash dividend, $13,600. • Sold equipment for $5,200 cash (cost, $19,400; accumulated depreciation, $14,200). • Issued shares of no-par stock, 420 shares at $10 cash per share. • Net income was $19,400. Depreciation expense was $2,200.

Golf Goods Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: • Purchased a long-term investment for cash, $11,000. • Paid cash dividend, $13,600. • Sold equipment for $5,200 cash (cost, $19,400; accumulated depreciation, $14,200). • Issued shares of no-par stock, 420 shares at $10 cash per share. • Net income was $19,400. Depreciation expense was $2,200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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