The Murdock Corporation reported the following balance sheet data for 2024 and 2023: Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable. Common stock Retained earnings Total liabilities and shareholders' equity 2024 $ 81,815 17,500 84,000 169,000 1,860 1,258,000 1,129,000 (614,000) (576,000) $ 998,175 $ 890,205 $ 79,940 21,600 28,600 204,000 300,000 364,035 $ 998,175 2023 $ 25,355 89,000 71,850 148,600 2,400 Additional information for 2024: (1) Sold available-for-sale debt securities costing $71,500 for $76,400. (2) Equipment costing $20,000 with a book value of $5,400 was sold for $6,600. (3) Issued 6% bonds payable at face value, $204,000. (4) Purchased new equipment for $149,000 cash. (5) Paid cash dividends of $22,000. (6) Net Income was $54,000. $ 152,670 26,500 79,000 0 300,000 332,035 $ 890,205

The Murdock Corporation reported the following balance sheet data for 2024 and 2023: Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable. Common stock Retained earnings Total liabilities and shareholders' equity 2024 $ 81,815 17,500 84,000 169,000 1,860 1,258,000 1,129,000 (614,000) (576,000) $ 998,175 $ 890,205 $ 79,940 21,600 28,600 204,000 300,000 364,035 $ 998,175 2023 $ 25,355 89,000 71,850 148,600 2,400 Additional information for 2024: (1) Sold available-for-sale debt securities costing $71,500 for $76,400. (2) Equipment costing $20,000 with a book value of $5,400 was sold for $6,600. (3) Issued 6% bonds payable at face value, $204,000. (4) Purchased new equipment for $149,000 cash. (5) Paid cash dividends of $22,000. (6) Net Income was $54,000. $ 152,670 26,500 79,000 0 300,000 332,035 $ 890,205

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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