Portions of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $230,000 69,000 16,900 26,500 Decrease in accounts payable Increase in income tax payable $395,000 342,400 $ 52,600 PETOSKEY TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable $ 6,900 13,900 9,900 5,900 8,900 23,600

Portions of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $230,000 69,000 16,900 26,500 Decrease in accounts payable Increase in income tax payable $395,000 342,400 $ 52,600 PETOSKEY TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable $ 6,900 13,900 9,900 5,900 8,900 23,600

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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