The following are the comparative balance sheets and an income statement for Innovation Company: Innovation Company Balance Sheets as December 31 Assets Cash Accounts Receivable Inventory Long-term investment Totals Liabilities and shareholders equity Accounts payable Operating expenses payable Bonds payable Common Stock Retain Earnings Totals Innovation Company Income Statement For the Year Ended December 31, 2020 Sales Beginning Inventory Purchases $225.000 3.30.000 555,000 180.000 Goods Available for Sale Less: ending inventory Cost of good sold Gross profit Operating expenses Income form operations Other expenses Loss on sale of long-term investment Net loss 2020 2019 $21,500 $120.000 195.000 105.000 180.000 225.000 200.000 $396,500 $510,000 $75,000 $120.000 24,000 15.000 70.000 100.000 125.000 125,000 102.500 150.000 $396.500 $510.000 $560.000 375.000 185.000 180.000 5.000 (7.500) (2.500) Additional information: Cash dividends of $45.000 were paid in year 2020. Required:

The following are the comparative balance sheets and an income statement for Innovation Company: Innovation Company Balance Sheets as December 31 Assets Cash Accounts Receivable Inventory Long-term investment Totals Liabilities and shareholders equity Accounts payable Operating expenses payable Bonds payable Common Stock Retain Earnings Totals Innovation Company Income Statement For the Year Ended December 31, 2020 Sales Beginning Inventory Purchases $225.000 3.30.000 555,000 180.000 Goods Available for Sale Less: ending inventory Cost of good sold Gross profit Operating expenses Income form operations Other expenses Loss on sale of long-term investment Net loss 2020 2019 $21,500 $120.000 195.000 105.000 180.000 225.000 200.000 $396,500 $510,000 $75,000 $120.000 24,000 15.000 70.000 100.000 125.000 125,000 102.500 150.000 $396.500 $510.000 $560.000 375.000 185.000 180.000 5.000 (7.500) (2.500) Additional information: Cash dividends of $45.000 were paid in year 2020. Required:

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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