The comparative balance sheet of Middaugh Restaurant Supplies Inc. for December 31, 2013 and 2012, is as follows: Dec. 31, 2012 Dec. 31, 2013 Assets $ 341,550 $ 330,960 Cash .. 457,200 496,320 Accounts receivable (net)... 681,900 697,200 Inventories .. 216,000 Investments.. 480,000 Land ..... 492,000 612,000 Equipment..... Accumulated depreciation (184,200) $2,004,450 (240,750) $2,375,730 Liabilities and Stockholders' Equity $ 483,300 $ 540,000 Accounts payable (merchandise creditors).... Accrued expenses payable (operating expenses) ... Dividends payable..... Common stock, $10 par ..... Paid-in capital in excess of par-common stock .. Retained earnings.... 39,600 33,900 45,600 50,400 15,000 108,000 225,000 364,500 1,195,950 $2,004,450 1,278,930 $2,375,730 is as follows: The income statement for the year ended December 31, $2,256,000 Sales ..... 1,176,000 Cost of merchandise sold $1,080,000 Gross profit..... Operating expenses: $ 56,550 Depreciation expense Other operating expenses 672,420 bammi 728,970 Total operating expenses $ 351,030 Operating income. Other income: 78,000 Gain on sale of investments.. $ 429,030 Income before income tax .. Income tax expense .. Net income... 149,550 $279,480 The following additional information was taken from the records: to a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. C. The investments were sold for $294,000 cash. ynsq inu d. The common stock was issued for cash. bok e. There was a $196,500 debit to Retained Earnings for cash dividends declared. Instructions beaeceie deb-ri4 Prepare a statement of cash flows, evs sd Jen daum woH O elea
The comparative balance sheet of Middaugh Restaurant Supplies Inc. for December 31, 2013 and 2012, is as follows: Dec. 31, 2012 Dec. 31, 2013 Assets $ 341,550 $ 330,960 Cash .. 457,200 496,320 Accounts receivable (net)... 681,900 697,200 Inventories .. 216,000 Investments.. 480,000 Land ..... 492,000 612,000 Equipment..... Accumulated depreciation (184,200) $2,004,450 (240,750) $2,375,730 Liabilities and Stockholders' Equity $ 483,300 $ 540,000 Accounts payable (merchandise creditors).... Accrued expenses payable (operating expenses) ... Dividends payable..... Common stock, $10 par ..... Paid-in capital in excess of par-common stock .. Retained earnings.... 39,600 33,900 45,600 50,400 15,000 108,000 225,000 364,500 1,195,950 $2,004,450 1,278,930 $2,375,730 is as follows: The income statement for the year ended December 31, $2,256,000 Sales ..... 1,176,000 Cost of merchandise sold $1,080,000 Gross profit..... Operating expenses: $ 56,550 Depreciation expense Other operating expenses 672,420 bammi 728,970 Total operating expenses $ 351,030 Operating income. Other income: 78,000 Gain on sale of investments.. $ 429,030 Income before income tax .. Income tax expense .. Net income... 149,550 $279,480 The following additional information was taken from the records: to a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. C. The investments were sold for $294,000 cash. ynsq inu d. The common stock was issued for cash. bok e. There was a $196,500 debit to Retained Earnings for cash dividends declared. Instructions beaeceie deb-ri4 Prepare a statement of cash flows, evs sd Jen daum woH O elea
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The comparative balance sheet of Middaugh Restaurant Supplies Inc. for December 31,
2013 and 2012, is as follows:
Dec. 31, 2012
Dec. 31, 2013
Assets
$ 341,550
$ 330,960
Cash ..
457,200
496,320
Accounts receivable (net)...
681,900
697,200
Inventories ..
216,000
Investments..
480,000
Land .....
492,000
612,000
Equipment.....
Accumulated depreciation
(184,200)
$2,004,450
(240,750)
$2,375,730
Liabilities and Stockholders' Equity
$ 483,300
$ 540,000
Accounts payable (merchandise creditors)....
Accrued expenses payable (operating expenses) ...
Dividends payable.....
Common stock, $10 par .....
Paid-in capital in excess of par-common stock ..
Retained earnings....
39,600
33,900
45,600
50,400
15,000
108,000
225,000
364,500
1,195,950
$2,004,450
1,278,930
$2,375,730
is as follows:
The income statement for the year ended December 31,
$2,256,000
Sales .....
1,176,000
Cost of merchandise sold
$1,080,000
Gross profit.....
Operating expenses:
$ 56,550
Depreciation expense
Other operating expenses
672,420
bammi
728,970
Total operating expenses
$ 351,030
Operating income.
Other income:
78,000
Gain on sale of investments..
$ 429,030
Income before income tax ..
Income tax expense ..
Net income...
149,550
$279,480
The following additional information was taken from the records:
to
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
C. The investments were sold for $294,000 cash.
ynsq
inu
d. The common stock was issued for cash.
bok
e. There was a $196,500 debit to Retained Earnings for cash dividends declared.
Instructions
beaeceie
deb-ri4
Prepare a statement of cash flows,
evs sd
Jen daum woH O
elea](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2de29ae5-f6ef-483a-88e0-b1fe9cfa9bc3%2F7ee5926a-53d7-4caa-8f09-558142753418%2Fq9bmlag.jpeg&w=3840&q=75)
Transcribed Image Text:The comparative balance sheet of Middaugh Restaurant Supplies Inc. for December 31,
2013 and 2012, is as follows:
Dec. 31, 2012
Dec. 31, 2013
Assets
$ 341,550
$ 330,960
Cash ..
457,200
496,320
Accounts receivable (net)...
681,900
697,200
Inventories ..
216,000
Investments..
480,000
Land .....
492,000
612,000
Equipment.....
Accumulated depreciation
(184,200)
$2,004,450
(240,750)
$2,375,730
Liabilities and Stockholders' Equity
$ 483,300
$ 540,000
Accounts payable (merchandise creditors)....
Accrued expenses payable (operating expenses) ...
Dividends payable.....
Common stock, $10 par .....
Paid-in capital in excess of par-common stock ..
Retained earnings....
39,600
33,900
45,600
50,400
15,000
108,000
225,000
364,500
1,195,950
$2,004,450
1,278,930
$2,375,730
is as follows:
The income statement for the year ended December 31,
$2,256,000
Sales .....
1,176,000
Cost of merchandise sold
$1,080,000
Gross profit.....
Operating expenses:
$ 56,550
Depreciation expense
Other operating expenses
672,420
bammi
728,970
Total operating expenses
$ 351,030
Operating income.
Other income:
78,000
Gain on sale of investments..
$ 429,030
Income before income tax ..
Income tax expense ..
Net income...
149,550
$279,480
The following additional information was taken from the records:
to
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
C. The investments were sold for $294,000 cash.
ynsq
inu
d. The common stock was issued for cash.
bok
e. There was a $196,500 debit to Retained Earnings for cash dividends declared.
Instructions
beaeceie
deb-ri4
Prepare a statement of cash flows,
evs sd
Jen daum woH O
elea
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