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The statements of financial position for Pharoah Lear Corp.

The statements of financial position for Pharoah Lear Corp.

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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Notes payable-long-term Mortgage payable Common shares Retained earnings (deficit) Total Liabilities & Shareholders' Equity 92500 ● $(31000). $(58500). $92500. $0. 630000 20000 $983000 119500 479000 (43000) $773500 During 2023, land was acquired in exchange for common shares (which had a market value of $152000 at the time). All equipment purchased was for cash. Equipment costing $14500 was sold for $8000 cash; book value of the equipment at the time of sale was $15000, and the loss was included in net income. Cash dividends of $31000 were declared and paid during the year. Pharoah adheres to ASPE and uses the indirect method when preparing the statement of cash flows. The cash provided by (used in) financing activities was
Transcribed Image Text:Notes payable-long-term Mortgage payable Common shares Retained earnings (deficit) Total Liabilities & Shareholders' Equity 92500 ● $(31000). $(58500). $92500. $0. 630000 20000 $983000 119500 479000 (43000) $773500 During 2023, land was acquired in exchange for common shares (which had a market value of $152000 at the time). All equipment purchased was for cash. Equipment costing $14500 was sold for $8000 cash; book value of the equipment at the time of sale was $15000, and the loss was included in net income. Cash dividends of $31000 were declared and paid during the year. Pharoah adheres to ASPE and uses the indirect method when preparing the statement of cash flows. The cash provided by (used in) financing activities was
The statements of financial position for Pharoah Lear Corp. at the end of 2023 and 2022 are as follows: Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Land Buildings and equipment Accumulated depreciation-buildings and equipment Total Assets Accounts payable Salaries payable 2023 $74500 181000 212000 32500 269000 269000 (55000) $983000 $205000 35500 2022 $108000 137000 137000 74000 120000 224500 (27000) $773500 $164500 53500
Transcribed Image Text:The statements of financial position for Pharoah Lear Corp. at the end of 2023 and 2022 are as follows: Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Land Buildings and equipment Accumulated depreciation-buildings and equipment Total Assets Accounts payable Salaries payable 2023 $74500 181000 212000 32500 269000 269000 (55000) $983000 $205000 35500 2022 $108000 137000 137000 74000 120000 224500 (27000) $773500 $164500 53500
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