structions 12 Accounts payable 13 Accrued expenses payable 14 Dividends payable 15 Common stock, $4 par 16 Excess of paid-in capital over par 17 Retained earnings 18 Total liabilities and stockholders' equity $408,000.00 54,000.00 36,000.00 840,000.00 240,000.00 1,632,000.00 $3,210,000.00 a. The investments were sold for $210,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $600.000 credit to Retained Earnings for net income. $360,000.00 60,000.00 30,000.00 720,000.00 210,000.00 1,140,000.00 $2,520,000.00 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Instructions Labels and A ount
Instructions
X
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as follows:
$
4
1
2
3 Cash
4
5 Inventories
F4
Accounts receivable (net)
6 Investments
7 Land
8 Equipment
9 Accumulated depreciation-equipment
Total assets
10
11
Q Search
C
F5
%
L
Assets
F6
Liabilities and Stockholders' Equity
F7
puo
&
LOL
N
Statement of Cash Flows
F8
Dec. 31, 20Y3
$186,000.00
540,000.00
924,000.00
=
F9
0.00
600,000.00
1,680,000.00
1,440,000.00
(720,000.00)
(600,000.00)
$3,210,000.00 $2,520,000.00
с
Dec. 31, 2012
F10
$180,000.00
480,000.00
900,000.00
120,000.00
0.00
F11
F12
Transcribed Image Text:Instructions Labels and A ount Instructions X The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as follows: $ 4 1 2 3 Cash 4 5 Inventories F4 Accounts receivable (net) 6 Investments 7 Land 8 Equipment 9 Accumulated depreciation-equipment Total assets 10 11 Q Search C F5 % L Assets F6 Liabilities and Stockholders' Equity F7 puo & LOL N Statement of Cash Flows F8 Dec. 31, 20Y3 $186,000.00 540,000.00 924,000.00 = F9 0.00 600,000.00 1,680,000.00 1,440,000.00 (720,000.00) (600,000.00) $3,210,000.00 $2,520,000.00 с Dec. 31, 2012 F10 $180,000.00 480,000.00 900,000.00 120,000.00 0.00 F11 F12
Instructions Labels and A ount
Instructions
X
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as follows:
$
4
1
2
3 Cash
4
5 Inventories
F4
Accounts receivable (net)
6 Investments
7 Land
8 Equipment
9 Accumulated depreciation-equipment
Total assets
10
11
Q Search
C
F5
%
L
Assets
F6
Liabilities and Stockholders' Equity
F7
puo
&
LOL
N
Statement of Cash Flows
F8
Dec. 31, 20Y3
$186,000.00
540,000.00
924,000.00
=
F9
0.00
600,000.00
1,680,000.00
1,440,000.00
(720,000.00)
(600,000.00)
$3,210,000.00 $2,520,000.00
с
Dec. 31, 2012
F10
$180,000.00
480,000.00
900,000.00
120,000.00
0.00
F11
F12
Transcribed Image Text:Instructions Labels and A ount Instructions X The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as follows: $ 4 1 2 3 Cash 4 5 Inventories F4 Accounts receivable (net) 6 Investments 7 Land 8 Equipment 9 Accumulated depreciation-equipment Total assets 10 11 Q Search C F5 % L Assets F6 Liabilities and Stockholders' Equity F7 puo & LOL N Statement of Cash Flows F8 Dec. 31, 20Y3 $186,000.00 540,000.00 924,000.00 = F9 0.00 600,000.00 1,680,000.00 1,440,000.00 (720,000.00) (600,000.00) $3,210,000.00 $2,520,000.00 с Dec. 31, 2012 F10 $180,000.00 480,000.00 900,000.00 120,000.00 0.00 F11 F12
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