INTERMEDIATE ACTG LOOSELEAF W/ ACCESS
INTERMEDIATE ACTG LOOSELEAF W/ ACCESS
10th Edition
ISBN: 9781264397488
Author: SPICELAND
Publisher: MCG
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Chapter 20, Problem 20.11Q
To determine

FASB coding:

FASB Accounting Standards Codification is the source through which the users can access the authoritative U.S GAAP (Generally Accepted Accounting Principles).

To explain: The manner in which F reports the change.

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Financing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: Just need the correct LOC? Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 1,080   Accounts payable $ 4,320 Receivables 6,480   Accruals 2,880 Inventories 9,000   Line of credit 0    Total current assets $16,560   Notes payable 2,100 Net fixed assets 12,600      Total current liabilities $ 9,300       Mortgage bonds 3,500       Common stock 3,500       Retained earnings 12,860    Total assets $29,160      Total liabilities and equity $29,160 Income Statement for December 31, 2019 (Thousands of Dollars) Sales $36,000 Operating costs 34,000    Earnings before interest and taxes $ 2,000 Interest 160    Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends (40%) $    552 Addition to retained earnings $ 828 Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to…
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