lowing financial statements were drawn from the records of Norton Materials, Inc. 668 Assets Cash Accounts receivable Inventory Notes receivable (long-term) Equipment Accumulated Balance Sheets As of December 31 Chapter 12 depreciation-equipment Land Total assets Liabilities and equity Accounts payable Salaries payable Utilities payable Interest payable Notes payable (long-term) Common stock Retained earnings Total liabilities and equity 2012 $ 94,300 36,000 72,000 0 98,000 (47,800) 46,000 $298,500 $ 24,000 15,000 800 0 0 150,000 108,700 $298,500 2011 $ 14,100 40,000 64,000 16,000 170,000 (94,000) 30,000 $240,100 $ 26,400 10,000 1,400 1,000 24,000 110,000 67,300 $240,100 Income Statement For the Year Ended December 31, 2012

lowing financial statements were drawn from the records of Norton Materials, Inc. 668 Assets Cash Accounts receivable Inventory Notes receivable (long-term) Equipment Accumulated Balance Sheets As of December 31 Chapter 12 depreciation-equipment Land Total assets Liabilities and equity Accounts payable Salaries payable Utilities payable Interest payable Notes payable (long-term) Common stock Retained earnings Total liabilities and equity 2012 $ 94,300 36,000 72,000 0 98,000 (47,800) 46,000 $298,500 $ 24,000 15,000 800 0 0 150,000 108,700 $298,500 2011 $ 14,100 40,000 64,000 16,000 170,000 (94,000) 30,000 $240,100 $ 26,400 10,000 1,400 1,000 24,000 110,000 67,300 $240,100 Income Statement For the Year Ended December 31, 2012

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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