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Pelican Inc. Comparative Statements of Financial Position as of December 31, .... Pelican Inc. Statement of Profit or Loss for the year ended December 31, 2023 2023 2022 $ $ $ $ Cash 55,000 45,000 Sales Revenue 1,000,000 Accounts Receivable 100,000 82,000 Less Cost of Goods Sold 600,000 Allowance for Doubtful Accounts (14,000) (12,000) Gross Profit 400,000 Prepaid Expenses 10,000 8,000 Less Operating Expenses (Note 1) 300,000 Inventory 65,000 60,000 Income from Operations 100,000 Equity Investments (non-trading) 70,000 80,000 Other Income and Expenses: Equipment 50,000 40,000 Loss on Sale of Investments (5,000) Building 300,000 300,000 Gain on Sale of Equipment 2,000 (3,000) Land 80,000 40,000 Income before taxes 97,000 716,000 643,000 Less Income taxes 48,000 Net Income 49,000 Accumulated Depreciation Equipment 15,000 10,000 Accumulated Depreciation - Building 33,000 30,000 Additional information: Accounts Payable 70,000 75,000 Income Tax Payable 12,000 10,000 Long Term Notes Payable 60,000 70,000 Share Capital Ordinary Retained Earnings 440,000 350,000 86,000 716,000 98,000 643,000 Note 1: Operating expenses Includes bad debts and depreciation Equipment that cost $20,000 and was 50% depreciated at the time of disposal was sold for $12,000 Ordinary shares were issued in exchange for land Equity investments which cost $30,000 were sold Uncollectible accounts valued at $2,000 were written off during the year Cash dividends were declared and paid during the year

Pelican Inc. Comparative Statements of Financial Position as of December 31, .... Pelican Inc. Statement of Profit or Loss for the year ended December 31, 2023 2023 2022 $ $ $ $ Cash 55,000 45,000 Sales Revenue 1,000,000 Accounts Receivable 100,000 82,000 Less Cost of Goods Sold 600,000 Allowance for Doubtful Accounts (14,000) (12,000) Gross Profit 400,000 Prepaid Expenses 10,000 8,000 Less Operating Expenses (Note 1) 300,000 Inventory 65,000 60,000 Income from Operations 100,000 Equity Investments (non-trading) 70,000 80,000 Other Income and Expenses: Equipment 50,000 40,000 Loss on Sale of Investments (5,000) Building 300,000 300,000 Gain on Sale of Equipment 2,000 (3,000) Land 80,000 40,000 Income before taxes 97,000 716,000 643,000 Less Income taxes 48,000 Net Income 49,000 Accumulated Depreciation Equipment 15,000 10,000 Accumulated Depreciation - Building 33,000 30,000 Additional information: Accounts Payable 70,000 75,000 Income Tax Payable 12,000 10,000 Long Term Notes Payable 60,000 70,000 Share Capital Ordinary Retained Earnings 440,000 350,000 86,000 716,000 98,000 643,000 Note 1: Operating expenses Includes bad debts and depreciation Equipment that cost $20,000 and was 50% depreciated at the time of disposal was sold for $12,000 Ordinary shares were issued in exchange for land Equity investments which cost $30,000 were sold Uncollectible accounts valued at $2,000 were written off during the year Cash dividends were declared and paid during the year

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.4.5P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...
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Pelican Inc. Comparative Statements of Financial Position as of December 31, .... Pelican Inc. Statement of Profit or Loss for the year ended December 31, 2023 2023 2022 $ $ $ $ Cash 55,000 45,000 Sales Revenue 1,000,000 Accounts Receivable 100,000 82,000 Less Cost of Goods Sold 600,000 Allowance for Doubtful Accounts (14,000) (12,000) Gross Profit 400,000 Prepaid Expenses 10,000 8,000 Less Operating Expenses (Note 1) 300,000 Inventory 65,000 60,000 Income from Operations 100,000 Equity Investments (non-trading) 70,000 80,000 Other Income and Expenses: Equipment 50,000 40,000 Loss on Sale of Investments (5,000) Building 300,000 300,000 Gain on Sale of Equipment 2,000 (3,000) Land 80,000 40,000 Income before taxes 97,000 716,000 643,000 Less Income taxes 48,000 Net Income 49,000 Accumulated Depreciation Equipment 15,000 10,000 Accumulated Depreciation - Building 33,000 30,000 Additional information: Accounts Payable 70,000 75,000 Income Tax Payable 12,000 10,000 Long Term Notes Payable 60,000 70,000 Share Capital Ordinary Retained Earnings 440,000 350,000 86,000 716,000 98,000 643,000 Note 1: Operating expenses Includes bad debts and depreciation Equipment that cost $20,000 and was 50% depreciated at the time of disposal was sold for $12,000 Ordinary shares were issued in exchange for land Equity investments which cost $30,000 were sold Uncollectible accounts valued at $2,000 were written off during the year Cash dividends were declared and paid during the year
Transcribed Image Text:Pelican Inc. Comparative Statements of Financial Position as of December 31, .... Pelican Inc. Statement of Profit or Loss for the year ended December 31, 2023 2023 2022 $ $ $ $ Cash 55,000 45,000 Sales Revenue 1,000,000 Accounts Receivable 100,000 82,000 Less Cost of Goods Sold 600,000 Allowance for Doubtful Accounts (14,000) (12,000) Gross Profit 400,000 Prepaid Expenses 10,000 8,000 Less Operating Expenses (Note 1) 300,000 Inventory 65,000 60,000 Income from Operations 100,000 Equity Investments (non-trading) 70,000 80,000 Other Income and Expenses: Equipment 50,000 40,000 Loss on Sale of Investments (5,000) Building 300,000 300,000 Gain on Sale of Equipment 2,000 (3,000) Land 80,000 40,000 Income before taxes 97,000 716,000 643,000 Less Income taxes 48,000 Net Income 49,000 Accumulated Depreciation Equipment 15,000 10,000 Accumulated Depreciation - Building 33,000 30,000 Additional information: Accounts Payable 70,000 75,000 Income Tax Payable 12,000 10,000 Long Term Notes Payable 60,000 70,000 Share Capital Ordinary Retained Earnings 440,000 350,000 86,000 716,000 98,000 643,000 Note 1: Operating expenses Includes bad debts and depreciation Equipment that cost $20,000 and was 50% depreciated at the time of disposal was sold for $12,000 Ordinary shares were issued in exchange for land Equity investments which cost $30,000 were sold Uncollectible accounts valued at $2,000 were written off during the year Cash dividends were declared and paid during the year
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