Particulars 2014 ($) 2013 ($) Increase/Decrease Assets Cash 175,000 15,000 160,000 Accounts receivable 230,000 220,000 10,000 Inventories 310,000 340,000 [30,000] Prepaid expenses 30,000 10,000 20,000 Intangible assets 105,000 105,000 0 Equipment, net 860,000 830,000 30,000 Total Assets 1,710,000 1,520,000 190,000 Liabilities Accounts payable 90,000 140,000 [50,000] Accrued liabilities 190,000 160,000 30,000 income tax payable 120,000 140,000 [20,000] Long term notes payable 360,000 450,000 [90,000] Stockholders' Equity Common Stock 400,000 250,000 150,000 Retained earnings 640,000 400,000 240,000 Treasury stock [90,000] [20,000] [70,000] Total liabilities & stockholders' equity 1,710,000 1,520,000 190,000 The intangible earnings in the table above in the increase/decrease column is zero, how is that classified.
Particulars 2014 ($) 2013 ($) Increase/Decrease Assets Cash 175,000 15,000 160,000 Accounts receivable 230,000 220,000 10,000 Inventories 310,000 340,000 [30,000] Prepaid expenses 30,000 10,000 20,000 Intangible assets 105,000 105,000 0 Equipment, net 860,000 830,000 30,000 Total Assets 1,710,000 1,520,000 190,000 Liabilities Accounts payable 90,000 140,000 [50,000] Accrued liabilities 190,000 160,000 30,000 income tax payable 120,000 140,000 [20,000] Long term notes payable 360,000 450,000 [90,000] Stockholders' Equity Common Stock 400,000 250,000 150,000 Retained earnings 640,000 400,000 240,000 Treasury stock [90,000] [20,000] [70,000] Total liabilities & stockholders' equity 1,710,000 1,520,000 190,000 The intangible earnings in the table above in the increase/decrease column is zero, how is that classified.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| Particulars | 2014 ($) | 2013 ($) | Increase/Decrease |
| Assets | |||
| Cash | 175,000 | 15,000 | 160,000 |
| Accounts receivable | 230,000 | 220,000 | 10,000 |
| Inventories | 310,000 | 340,000 | [30,000] |
| Prepaid expenses | 30,000 | 10,000 | 20,000 |
| Intangible assets | 105,000 | 105,000 | 0 |
| Equipment, net | 860,000 | 830,000 | 30,000 |
| Total Assets | 1,710,000 | 1,520,000 | 190,000 |
| Liabilities | |||
| Accounts payable | 90,000 | 140,000 | [50,000] |
| Accrued liabilities | 190,000 | 160,000 | 30,000 |
| income tax payable | 120,000 | 140,000 | [20,000] |
| Long term notes payable | 360,000 | 450,000 | [90,000] |
| Common Stock | 400,000 | 250,000 | 150,000 |
| 640,000 | 400,000 | 240,000 | |
| [90,000] | [20,000] | [70,000] | |
| Total liabilities & stockholders' equity | 1,710,000 | 1,520,000 | 190,000 |
The intangible earnings in the table above in the increase/decrease column is zero, how is that classified.
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