The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment $171 97 61 139 78 (21) $525 Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity The following additional information is taken from the records: 1. Land was sold for $50. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. $66 11 35 80 333 $525 $56 70 38 159 61 (11) $373 $56 18 44 255 $373 5. There was a $113 credit to Retained Earnings for net income. 6. There was a $35 debit to Retained Earnings for cash dividends declared.

The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment $171 97 61 139 78 (21) $525 Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity The following additional information is taken from the records: 1. Land was sold for $50. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. $66 11 35 80 333 $525 $56 70 38 159 61 (11) $373 $56 18 44 255 $373 5. There was a $113 credit to Retained Earnings for net income. 6. There was a $35 debit to Retained Earnings for cash dividends declared.

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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