PICTURE PERFECT COMPARATIVE BALANCE SHEETS DECEMBER 31, Increase Additional Information: 2010 30,000 (Decrease) 110,000 (11,000) O (20,000) O ASSETS 2011 Cash $ 24 140,000 79,000 2$ Accounts receivable 90,000 2$ 2$ Inventory Prepaid Insurance 90,000 16,000 130,000 510,000 110,000 14,000 210,000 410,000 Land I Land costing $100,000 sold for $90,000 Building purchased for cash Building Accumulated Depreciation I (105,000) $4 (100,000) 764,000 Total Assets 860,000 Liabilities & Owners' Equity Accounts payable Income tax payable Notes payable, long-term Bonds payable $ 24 32,600 50,000 130,000 460,000 70,000 87,400 860,000 30,000 35,000 30,000 60,000 110,000 410,000 60,000 59,000 764,000 Payment of $10,000 made Bonds issued@par in exchange for land $50,000 Par value stock issued @ $60,000 $50,000 Par value stock issued @ $60,000 Dividends of $15,000 declared & paid F Common stock F Paid-in capital F Retained earnings F & O Total Liabilities& Owners' Equity $4 2$ PICTURE PERFECT INCOME STATEMENT For the Year Ended December 31, 2011 Sales Revenue $250,000 Expenses: Cost of goods sold Salary expense Depreciation expense Interest expense $90,000 49,000 5,000 * 13,000 11,000 10,000 * 28,600 24 Insurance expense Loss on sale of land Income tax expense Total expenses 206,600 Net Income 24 43,400
PICTURE PERFECT COMPARATIVE BALANCE SHEETS DECEMBER 31, Increase Additional Information: 2010 30,000 (Decrease) 110,000 (11,000) O (20,000) O ASSETS 2011 Cash $ 24 140,000 79,000 2$ Accounts receivable 90,000 2$ 2$ Inventory Prepaid Insurance 90,000 16,000 130,000 510,000 110,000 14,000 210,000 410,000 Land I Land costing $100,000 sold for $90,000 Building purchased for cash Building Accumulated Depreciation I (105,000) $4 (100,000) 764,000 Total Assets 860,000 Liabilities & Owners' Equity Accounts payable Income tax payable Notes payable, long-term Bonds payable $ 24 32,600 50,000 130,000 460,000 70,000 87,400 860,000 30,000 35,000 30,000 60,000 110,000 410,000 60,000 59,000 764,000 Payment of $10,000 made Bonds issued@par in exchange for land $50,000 Par value stock issued @ $60,000 $50,000 Par value stock issued @ $60,000 Dividends of $15,000 declared & paid F Common stock F Paid-in capital F Retained earnings F & O Total Liabilities& Owners' Equity $4 2$ PICTURE PERFECT INCOME STATEMENT For the Year Ended December 31, 2011 Sales Revenue $250,000 Expenses: Cost of goods sold Salary expense Depreciation expense Interest expense $90,000 49,000 5,000 * 13,000 11,000 10,000 * 28,600 24 Insurance expense Loss on sale of land Income tax expense Total expenses 206,600 Net Income 24 43,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:PICTURE PERFECT
COMPARATIVE BALANCE SHEETS
DECEMBER 31,
Increase
Additional Information:
2010
30,000
(Decrease)
110,000
(11,000) O
(20,000) O
ASSETS
2011
Cash
$
24
140,000
79,000
2$
Accounts receivable
90,000
2$
2$
Inventory
Prepaid Insurance
90,000
16,000
130,000
510,000
110,000
14,000
210,000
410,000
Land
I
Land costing $100,000 sold for $90,000
Building purchased for cash
Building
Accumulated Depreciation
I
(105,000)
$4
(100,000)
764,000
Total Assets
860,000
Liabilities & Owners' Equity
Accounts payable
Income tax payable
Notes payable, long-term
Bonds payable
$
24
32,600
50,000
130,000
460,000
70,000
87,400
860,000
30,000
35,000
30,000
60,000
110,000
410,000
60,000
59,000
764,000
Payment of $10,000 made
Bonds issued@par in exchange for land
$50,000 Par value stock issued @ $60,000
$50,000 Par value stock issued @ $60,000
Dividends of $15,000 declared & paid
F
Common stock
F
Paid-in capital
F
Retained earnings
F & O
Total Liabilities& Owners' Equity
$4
2$
PICTURE PERFECT
INCOME STATEMENT
For the Year Ended December 31, 2011
Sales Revenue
$250,000
Expenses:
Cost of goods sold
Salary expense
Depreciation expense
Interest expense
$90,000
49,000
5,000 *
13,000
11,000
10,000 *
28,600
24
Insurance expense
Loss on sale of land
Income tax expense
Total expenses
206,600
Net Income
24
43,400
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