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The following is a condensed version of the comparative balance sheets for Buffalo Corporation for the last two years at December 31. 2020 2019 Cash $194,700 $ 85,800 Accounts receivable 198,000 203,500 Investments 57,200 81,400 Equipment 327,800 264,000 Accumulated Depreciation-Equipment (116,600) (97,900) Current liabilities 147,400 166,100 Common stock 176,000 176,000 Retained earnings 337,700 194,700 Additional information: Investments were sold at a loss of $11,000; no equipment was sold; cash dividends paid were $33,000; and net income was $176,000.

The following is a condensed version of the comparative balance sheets for Buffalo Corporation for the last two years at December 31. 2020 2019 Cash $194,700 $ 85,800 Accounts receivable 198,000 203,500 Investments 57,200 81,400 Equipment 327,800 264,000 Accumulated Depreciation-Equipment (116,600) (97,900) Current liabilities 147,400 166,100 Common stock 176,000 176,000 Retained earnings 337,700 194,700 Additional information: Investments were sold at a loss of $11,000; no equipment was sold; cash dividends paid were $33,000; and net income was $176,000.

FINANCIAL ACCOUNTING
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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The following is a condensed version of the comparative balance sheets for Buffalo Corporation for the last two years at December 31. 2020 2019 Cash $194,700 $ 85,800 Accounts receivable 198,000 203,500 Investments 57,200 81,400 Equipment 327,800 264,000 Accumulated Depreciation-Equipment (116,600) (97,900) Current liabilities 147,400 166,100 Common stock 176,000 176,000 Retained earnings 337,700 194,700 Additional information: Investments were sold at a loss of $11,000; no equipment was sold; cash dividends paid were $33,000; and net income was $176,000.
Transcribed Image Text:The following is a condensed version of the comparative balance sheets for Buffalo Corporation for the last two years at December 31. 2020 2019 Cash $194,700 $ 85,800 Accounts receivable 198,000 203,500 Investments 57,200 81,400 Equipment 327,800 264,000 Accumulated Depreciation-Equipment (116,600) (97,900) Current liabilities 147,400 166,100 Common stock 176,000 176,000 Retained earnings 337,700 194,700 Additional information: Investments were sold at a loss of $11,000; no equipment was sold; cash dividends paid were $33,000; and net income was $176,000.
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