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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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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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