PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $155,100 74,800 87,000 2,400 $ 171,800 88, 000 72,800 1, 200 Land 440,000 732,000 (406,000) $1,085,300 440,000 630,000 (252,000) $1,151,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 24 24 6,900 6,400 91,000 77,800 13,800 4,200 115,000 230,000 660,000 206,000 $1,085, 300 660,000 166,000 $1,151,800 Additional Information for 2021: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000.

PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $155,100 74,800 87,000 2,400 $ 171,800 88, 000 72,800 1, 200 Land 440,000 732,000 (406,000) $1,085,300 440,000 630,000 (252,000) $1,151,800 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 24 24 6,900 6,400 91,000 77,800 13,800 4,200 115,000 230,000 660,000 206,000 $1,085, 300 660,000 166,000 $1,151,800 Additional Information for 2021: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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