The comparative balance sheets for Vaughn Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 1. 2. Additional data related to 2020 are as follows. 3. December 31 2020 $33,200 12,200 8,900 2,900 30,100 45,300 20,200 5,000 6,300 $107,800 $91,500 12,100 -0- -0- $3,000 $4,500 2,000 4,500 6,000 2,900 5,000 4,000 25,000 -0- 5,000 -0- 2019 $13,000 10,100 3,000 31,000 43,000 20,800 $107,800 33,000 6,600 $91,500 Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $5.000

The comparative balance sheets for Vaughn Corporation show the following information. Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 1. 2. Additional data related to 2020 are as follows. 3. December 31 2020 $33,200 12,200 8,900 2,900 30,100 45,300 20,200 5,000 6,300 $107,800 $91,500 12,100 -0- -0- $3,000 $4,500 2,000 4,500 6,000 2,900 5,000 4,000 25,000 -0- 5,000 -0- 2019 $13,000 10,100 3,000 31,000 43,000 20,800 $107,800 33,000 6,600 $91,500 Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $5.000

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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