MOSS COMPANY Income Statement For Year Ended December 31, 2019 Sales.. Cost of goods sold. Gross proft... Operating expenses Depreciation expense... $ 36,000 121,500 Other expenses Income before taxes.. Income taxes expense... Net Income. $515,000 331,600 183,400 157.500 25,900 7,700 $18.200 MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 Current assets Cash. Accounts receivable.. Inventory...... Current abilities Accounts payable.. Income taxes payable. $84,650 25,000 60,000 30,400 2.050 2018 $26,800 32,000 54,100 25,700 2.200 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019?

MOSS COMPANY Income Statement For Year Ended December 31, 2019 Sales.. Cost of goods sold. Gross proft... Operating expenses Depreciation expense... $ 36,000 121,500 Other expenses Income before taxes.. Income taxes expense... Net Income. $515,000 331,600 183,400 157.500 25,900 7,700 $18.200 MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 Current assets Cash. Accounts receivable.. Inventory...... Current abilities Accounts payable.. Income taxes payable. $84,650 25,000 60,000 30,400 2.050 2018 $26,800 32,000 54,100 25,700 2.200 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019?

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 14.9BE

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