Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp for December 31,20X4 and 20X3Lincoln Corp. Income Statement as ofDecember 31st, 20X4RevenueCost of Goods SoldGross ProfitOperating expensesOperating ProfitLoss on sale of equipmentIncome tax expenseProfit for 2012Assets:CashAccounts ReceivableInventoryPrepaid expensesEquipmentAccumulated DepreciationTotal Assets$5,000$3,200$1,800$1,350Liabilities & Shareholders' EquityAccounts Payable$45020180$ 250LA LA LA LALincoln Corp. Balance Sheet - December 3120X4$$ 2,350450800402,500(1,350)$ 4,790LA68020X3$ 1,8001,000700801,500(1,000)$ 4,080$ 350 Liabilities & Shareholders' EquityAccounts PayableOperating expenses payableIncome Taxes PayableDividends PayableLong term notes PayableCommon SharesRetained EarningsTotal Liabilities & Shareholders' EquityAdditional Information for Lincoln Corp:680210120503003501000100702,5002,500930960$ 4,790 $ 4,7901) Operating expenses for 20X4 included depreciation for $5002) Accounts payable relate exclusively to the purchase of inventory3) Machine with a historical cost of $200 was sold at a loss of $204) A new machine was purchased during the year for $1,2005) Dividends were declared6) Long term notes payable were issuedWhat is the adjustment in Accounts Payable to reconcile profit when using the indirect method is?

Accounts payable is the amount which is to be paid to the suppliers from whom the inventory was…

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 $ 680 210 120 50 300 2,500 930 $ 4,790 $ 350 100 0 100 70 2,500 960 $ 4,790 What is the adjustment in Accounts Payable to reconcile profit when using the indirect method is?

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 $ 680 210 120 50 300 2,500 930 $ 4,790 $ 350 100 0 100 70 2,500 960 $ 4,790 What is the adjustment in Accounts Payable to reconcile profit when using the indirect method is?

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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