Presented here are the financial statements of Cullumber Company. Cullumber Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1 Cullumber Company Income Statement For the Year Ended December 31, 2022 $17,250 5,750 2022 $36.000 32,000 Depreciation expense was $15,400. 29,000 59,000 (29,000) $127,000 $28,000 7,000 26,000 17,000 49,000 $127,000 $241,000 175,000 66,000 23,000 43,000 2,000 41,000 8,200 $32,800 2021 $19,000 18,000 20,000 77,000 (23,000) $111.000 $16,000 8,000 32,000 13,000 42,000 $111.000

Presented here are the financial statements of Cullumber Company. Cullumber Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: 1 Cullumber Company Income Statement For the Year Ended December 31, 2022 $17,250 5,750 2022 $36.000 32,000 Depreciation expense was $15,400. 29,000 59,000 (29,000) $127,000 $28,000 7,000 26,000 17,000 49,000 $127,000 $241,000 175,000 66,000 23,000 43,000 2,000 41,000 8,200 $32,800 2021 $19,000 18,000 20,000 77,000 (23,000) $111.000 $16,000 8,000 32,000 13,000 42,000 $111.000

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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