Portions of the financial statements for Sunset Telecom are provided below: SUNSET TELECOM Income Statement For the Year Ended December 31, 2024 Revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income $363,000 119,000 30,000 51,500 SUNSET TELECOM Selected Balance Sheet Data December 31, 2024 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $615,000 563,500 $51,500 $5,700 12,900 10,100 6,300 6,200 20, 100 4

Portions of the financial statements for Sunset Telecom are provided below: SUNSET TELECOM Income Statement For the Year Ended December 31, 2024 Revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income $363,000 119,000 30,000 51,500 SUNSET TELECOM Selected Balance Sheet Data December 31, 2024 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $615,000 563,500 $51,500 $5,700 12,900 10,100 6,300 6,200 20, 100 4

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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