The information on the following page was obtained from the records of Breanna Incorporated: Accounts receivable $ 10,400 Accumulated depreciation 51,200 Cost of goods sold 126,000 Income tax expense 8,500 Cash 60,500 Net sales 208,000 Equipment 121,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 90,000 Accounts payable 10,800 Retained earnings, 1/1/22 23,750 Interest expense 6,000 Merchandise inventory 37,600 Long-term debt 38,000 Dividends declared and paid during 202

The information on the following page was obtained from the records of Breanna Incorporated: Accounts receivable $ 10,400 Accumulated depreciation 51,200 Cost of goods sold 126,000 Income tax expense 8,500 Cash 60,500 Net sales 208,000 Equipment 121,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 90,000 Accounts payable 10,800 Retained earnings, 1/1/22 23,750 Interest expense 6,000 Merchandise inventory 37,600 Long-term debt 38,000 Dividends declared and paid during 202

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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