[Question 1]Saturn CompanyComparative Balance Sheet20182017AssetsCashAccounts RecelvablePrepaid InsuranceInventoryLandPlant Assets$ 47,50021,5002,50048,00020,000230,000(85,500)$284,000$ 24,30026,0001,80045,50010,000190,000(71,100)Accumulated DepreciationTotal AssetsS$226,500Llabilities and EquityLabilitiesAccounts PayableSalaries PayableNotes PayableTotal LlabilitiesS 19,0001,50075.000$ 17,20085.000104.10095.500315.00064.900Common StockRetained EarningsTota EquityTotal Liabilities and Equity61,000379.900131.000$284.000$226,500 Satum Company Income Statement for year ended Dec. 31, 2018Sales RevenueCost of Goods Sold$238,000153,00085,000Gross ProfitOperating Expenses:Depreciation ExpenseInsurance ExpenseSalaries ExpenseOther Operating ExpensesTotal Operating ExpensesOperating IncomeOther Revenue and (Expenses):Gain on Sale of LandInterest ExpenseTotal Other Revenue and ExpensesIncome Before Income TaxIncome Tax ExpenseNet Income$14,40012,00042,60011,10080,1004,9004,800(3,500)1,3006,2001,8605 4,340Additional Information:1. Saturn Company sold land with an original cost of S10,000, for S14.800 cash.2. A new parcel of land was purchased for $20,000, in exchange for a note payable.3. Plant assets were purchased for $40,000 cash,4. Satum declared.and paid a $440 cash dividend to shareholders.5.Saturn issued common stock in exchange for $45.000 cash.Prepare a cash flow statement for Saturn Company usinig the indireet method for the year ended31 December 2018

The Balance Sheets of a company are given for the year ended 2017 and 2018. Required Prepare Cash…

[Question 1] Saturn Company Comparative Balance Sheet 2018 2017 Assets Cash Accounts Recelvable Prepaid Insurance Inventory Land Plant Assets $ 47,500 21,500 2,500 48,000 20.000 230,000 (85,500) $284.000 S 24,300 26,000 1,800 45,500 10,000 190,000 (71,100) $226,500 Accumulated Depreciation Total Assets Llabilities and Equity Liabilities: Accounts Payable Salaries Payable Notes Payable $ 17,200 1,900 85.000 S 19,000 1,500 75,000 95,500 Total Liabiltes. 104.100 Equity Common Stock Retained Earnings Total Equity Total Liabilities and Equity 115.000 64.900 70,000 61,000 131,000 $226,500 179.900 $4284.000

[Question 1] Saturn Company Comparative Balance Sheet 2018 2017 Assets Cash Accounts Recelvable Prepaid Insurance Inventory Land Plant Assets $ 47,500 21,500 2,500 48,000 20.000 230,000 (85,500) $284.000 S 24,300 26,000 1,800 45,500 10,000 190,000 (71,100) $226,500 Accumulated Depreciation Total Assets Llabilities and Equity Liabilities: Accounts Payable Salaries Payable Notes Payable $ 17,200 1,900 85.000 S 19,000 1,500 75,000 95,500 Total Liabiltes. 104.100 Equity Common Stock Retained Earnings Total Equity Total Liabilities and Equity 115.000 64.900 70,000 61,000 131,000 $226,500 179.900 $4284.000

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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