Problem 1: ABC Company, an entity organized on January 1, 2018, provided the following information: 2019 2020 Cash and cash equivalents Inventory Equipment, net Land 3,000,000 4,250,000 2,200,000 3,000,000 1,400,000 4,500,000 4,500,000 1,500,000 2,000,000 6,000,000 6,500,000 3,000,000 3,000,000 700,000 1,650,000 8,000,000 2,200,000 5,200,000 3,000,000 1,700,000 100,000 500,000 350,000 1,500,000 Current liabilities (all monetary) Noncurrent liabilities (all monetary) Share capital Retained earnings Sales Inventory, January 1 Purchases Inventory, December 31 Operating expenses (excluding depreciation) Depreciation Income tax expense Cash dividend paid on December 31, 2020 Additional information: 1. The pertinent index numbers are: January 1, 2018 - 100 January 1, 2019 - 100 2. The land and equipment were acquired on January 1, 2018. December 31, 2019 – 120 December 31, 2020 – 200

Problem 1: ABC Company, an entity organized on January 1, 2018, provided the following information: 2019 2020 Cash and cash equivalents Inventory Equipment, net Land 3,000,000 4,250,000 2,200,000 3,000,000 1,400,000 4,500,000 4,500,000 1,500,000 2,000,000 6,000,000 6,500,000 3,000,000 3,000,000 700,000 1,650,000 8,000,000 2,200,000 5,200,000 3,000,000 1,700,000 100,000 500,000 350,000 1,500,000 Current liabilities (all monetary) Noncurrent liabilities (all monetary) Share capital Retained earnings Sales Inventory, January 1 Purchases Inventory, December 31 Operating expenses (excluding depreciation) Depreciation Income tax expense Cash dividend paid on December 31, 2020 Additional information: 1. The pertinent index numbers are: January 1, 2018 - 100 January 1, 2019 - 100 2. The land and equipment were acquired on January 1, 2018. December 31, 2019 – 120 December 31, 2020 – 200

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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