The comparative balance sheet for the ZYX Company on December 31, 2019 and 2018 is as follows: 12/31/19 12/31/18 Assets: Cash $146,600 $179,800 Accounts Receivable 224,600 242,000 Merchandise Inventory 321,600 299,200 Prepaid Expenses 13,400 9,600 Equipment 655,000 537,000 Accumulated depreciation-equipment (170,800) (132,200) Total assets $1,190,400 $1,135,400 Liabilities and Stockholders’ Equity Accounts payable(merchandise creditors) $250,200 $237,600 Mortgage notes payable 0 336,000 Common Stock.$10 par 74,000 24,000 Paid-in Capital-common stock 470,000 320,000 Retained Earnings 396,200 217,800 Total Liabilities and Stockholders’ Equity $1,190,400 $1,135,400 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: Net Income, $332,000 Depreciation reported on the income statement, $ 83,400 Equipment was purchased at a cost of $ 162,800 and fully depreciated equipment costing $44,800 was discarded. The mortgage note payable was not due until 2021 but the terms permitted earlier payment without penalty 10,000 shares of common stock were issued at $20 for cash Cash dividends declared and paid, $153,600
The comparative
12/31/19 12/31/18
Assets:
Cash $146,600 $179,800
Merchandise Inventory 321,600 299,200
Prepaid Expenses 13,400 9,600
Equipment 655,000 537,000
Total assets $1,190,400 $1,135,400
Liabilities and
Accounts payable(merchandise creditors) $250,200 $237,600
Mortgage notes payable 0 336,000
Common Stock.$10 par 74,000 24,000
Paid-in Capital-common stock 470,000 320,000
Total Liabilities and Stockholders’ Equity $1,190,400 $1,135,400
Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows:
- Net Income, $332,000
- Depreciation reported on the income statement, $ 83,400
- Equipment was purchased at a cost of $ 162,800 and fully depreciated equipment costing $44,800 was discarded.
- The mortgage note payable was not due until 2021 but the terms permitted earlier payment without penalty
- 10,000 shares of common stock were issued at $20 for cash
- Cash dividends declared and paid, $153,600
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