The current sections of Concord Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Concord's net income for 2022 was $153,800. Depreciation expense was $26,200. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $109,400 81,700 167,100 26,000 $15,400 84,600 2021 $100,000 $99,300 90,700 171,300 $384,200 $384,000 22,700 $8,800 95,300 $104,100

The current sections of Concord Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Concord's net income for 2022 was $153,800. Depreciation expense was $26,200. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $109,400 81,700 167,100 26,000 $15,400 84,600 2021 $100,000 $99,300 90,700 171,300 $384,200 $384,000 22,700 $8,800 95,300 $104,100

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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