negative figure.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.1.2MBA
Related questions
Question
Reconstruct the company’s comparative balance sheet for 2020/2021 using the information in line with your first name initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure.
Prepare a complete statement of
![Financial info to be used by first names with initials (S, W, G, Z)
Auga Company Ltd
Comparative Balance Sheet
December 31, 2021 and 2020
2021
2020 Increase/(Decrease)
Assets
15,000
220,000
340,000
10,000
105,000
Cash
175,000
230,000
310,000
30,000
105,000
860,000
1,710,000
?
Accounts Receivable
Inventories
?
Prepaid expenses
Intangible assets
Equipment, net
?
?
830,000
1,520,000
Total Assets
Liabilities
Accounts payable
Accrued liabilities
Income tax payable
Long-term notes payable
Stockholders' Equity
90,000
190,000
120,000
360,000
140,000
160,000
140,000
450,000
?
?
?
?
Common Stock
400,000
640,000
250,000
400,000
?
Retained earnings
Treasury stock
(90,000)
1,710,000
(20,000)
1,520,000
Total liabilities and stockholders' equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda3d5eb5-9512-4d4f-a5c2-988de8a7fc2e%2Fb29c6fd2-e92d-4db8-8a83-5e6027ad3411%2Fr8sful9_processed.png&w=3840&q=75)
Transcribed Image Text:Financial info to be used by first names with initials (S, W, G, Z)
Auga Company Ltd
Comparative Balance Sheet
December 31, 2021 and 2020
2021
2020 Increase/(Decrease)
Assets
15,000
220,000
340,000
10,000
105,000
Cash
175,000
230,000
310,000
30,000
105,000
860,000
1,710,000
?
Accounts Receivable
Inventories
?
Prepaid expenses
Intangible assets
Equipment, net
?
?
830,000
1,520,000
Total Assets
Liabilities
Accounts payable
Accrued liabilities
Income tax payable
Long-term notes payable
Stockholders' Equity
90,000
190,000
120,000
360,000
140,000
160,000
140,000
450,000
?
?
?
?
Common Stock
400,000
640,000
250,000
400,000
?
Retained earnings
Treasury stock
(90,000)
1,710,000
(20,000)
1,520,000
Total liabilities and stockholders' equity
![Auga Company Ltd
Income Statement
Year Ended December 31,2021
Revenues and gains:
Sales revenue
1,900,000
20,000
Gain on sale of plant assets
Total revenues and gains
Expenses
Cost of goods sold
Depreciation expense
Other operating expense
Total expenses
Income before income taxes
Income tax expense
1,920,000
850,000
190,000
360,000
1,400,000
520,000
180,000
340,000
Net Income
Notes
Acquisition of plant asset during 2021
320,000
Sale proceeds from sale of plant asset
120,000
Receipt for issuance of notes payable
10,000
Payment for note payable
100,000
Dividend paid
100,000
Book value of equipment sold
100,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda3d5eb5-9512-4d4f-a5c2-988de8a7fc2e%2Fb29c6fd2-e92d-4db8-8a83-5e6027ad3411%2Fbshqk6q_processed.png&w=3840&q=75)
Transcribed Image Text:Auga Company Ltd
Income Statement
Year Ended December 31,2021
Revenues and gains:
Sales revenue
1,900,000
20,000
Gain on sale of plant assets
Total revenues and gains
Expenses
Cost of goods sold
Depreciation expense
Other operating expense
Total expenses
Income before income taxes
Income tax expense
1,920,000
850,000
190,000
360,000
1,400,000
520,000
180,000
340,000
Net Income
Notes
Acquisition of plant asset during 2021
320,000
Sale proceeds from sale of plant asset
120,000
Receipt for issuance of notes payable
10,000
Payment for note payable
100,000
Dividend paid
100,000
Book value of equipment sold
100,000
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