Use the following information for Problems 14-46 and 14-47: The following financial statements were provided by Roberts Company: Roberts Company Balance Sheets At September 30, 20x1 and 20X2 20X1 20X2 Assets Cash $ 23,000 $ 7,000 Accounts receivable 7,600 9,600 Inventory Plant and equipment Accumulated depreciation 20,800 18,000 40,000 60,000 (10,000) $ 81,400 (16,000) $ 78,600 Total assets Liabilities and equity Accounts payable Wages payable $ 4,800 $ 3,200 1,200 800 Common stock 50,000 50,000 Retained earnings Total liabilities and equity 25,400 24,600 $ 81,400 $78,600 Roberts Company Income Statement For the Year Ended September 30, 20X2 $ 40,000 Sales Cost of goods sold: Beginning inventory $ 20,800 Purchases 26,000 Ending inventory Wages expense Advertising Depreciation expense Net income (loss) (18,000) (28,800) (4,000) (2,000) (6,000) $ (800)

Use the following information for Problems 14-46 and 14-47: The following financial statements were provided by Roberts Company: Roberts Company Balance Sheets At September 30, 20x1 and 20X2 20X1 20X2 Assets Cash $ 23,000 $ 7,000 Accounts receivable 7,600 9,600 Inventory Plant and equipment Accumulated depreciation 20,800 18,000 40,000 60,000 (10,000) $ 81,400 (16,000) $ 78,600 Total assets Liabilities and equity Accounts payable Wages payable $ 4,800 $ 3,200 1,200 800 Common stock 50,000 50,000 Retained earnings Total liabilities and equity 25,400 24,600 $ 81,400 $78,600 Roberts Company Income Statement For the Year Ended September 30, 20X2 $ 40,000 Sales Cost of goods sold: Beginning inventory $ 20,800 Purchases 26,000 Ending inventory Wages expense Advertising Depreciation expense Net income (loss) (18,000) (28,800) (4,000) (2,000) (6,000) $ (800)

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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