The following are the balance sheet and income statement data of Jowie Corporation Balance Sheet Accounts (De cember 31) 2007 2008 Cash 150,000 283,000 Marketable Securities Accounts Receivable, net 850,000 500,000 750,000 1,000,000 1,000,000 500,000 500,000 500,000 Inventories Land 500,000 Building, net Machinery and equipment (net) 550,000 1,700,000 400,000 100,000 1,500,000 400,000 Goodwill Deferred Charges 90,000 Notes, Payable, Trade Accounts Payable, Trade Expenses Payable Long-term Notes- Due 2018 15% Preferred Stock, P100 par Common Stock, P10 par Retain Earnings 150,000 790,000 100,000 610,000 60,000 2,250,000 500,000 1,500,000 40,000 2,500,000 500,000 1,500,000 250,000 523,000 2008 Income Statement Accounts Sales 5,250,000 Sales Returns and Allowances 250,000 Inventory, Dec. 31, 2008 Inventory, Dec. 31, 2007 500,000 750,000 2,750,000 400,000 Purchases Selling Expenses Administrative Expenses(including Depreciation of P 250,000) Interest on Long-term Notes 600,000 250,000 Income Taxes, 35% Additional Information: Dividends paid on preferred stock Dividends paid on common stock Market price per share on common 1 75,000 2 162,000

The following are the balance sheet and income statement data of Jowie Corporation Balance Sheet Accounts (De cember 31) 2007 2008 Cash 150,000 283,000 Marketable Securities Accounts Receivable, net 850,000 500,000 750,000 1,000,000 1,000,000 500,000 500,000 500,000 Inventories Land 500,000 Building, net Machinery and equipment (net) 550,000 1,700,000 400,000 100,000 1,500,000 400,000 Goodwill Deferred Charges 90,000 Notes, Payable, Trade Accounts Payable, Trade Expenses Payable Long-term Notes- Due 2018 15% Preferred Stock, P100 par Common Stock, P10 par Retain Earnings 150,000 790,000 100,000 610,000 60,000 2,250,000 500,000 1,500,000 40,000 2,500,000 500,000 1,500,000 250,000 523,000 2008 Income Statement Accounts Sales 5,250,000 Sales Returns and Allowances 250,000 Inventory, Dec. 31, 2008 Inventory, Dec. 31, 2007 500,000 750,000 2,750,000 400,000 Purchases Selling Expenses Administrative Expenses(including Depreciation of P 250,000) Interest on Long-term Notes 600,000 250,000 Income Taxes, 35% Additional Information: Dividends paid on preferred stock Dividends paid on common stock Market price per share on common 1 75,000 2 162,000

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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