
Given Information:
|
December 31 |
|
Debits |
2017 ($) |
2018 ($) |
Cash |
35,000 |
32,000 |
33,000 |
30,000 |
|
Inventory |
31,000 |
47,000 |
Property, plant, and equipment |
100,000 |
95,000 |
Unamortized bond discount |
4,500 |
5,000 |
Cost of goods sold |
250,000 |
380,000 |
Selling expenses |
141,500 |
172,000 |
General and administrative expenses |
137,000 |
151,300 |
Interest expense |
4,300 |
2,600 |
Income tax expense |
20,400 |
61,200 |
|
756,700 | 976,100 |
Credits |
|
|
Allowance for doubtful accounts |
1,300 |
1,100 |
16,500 |
15,000 |
|
Accounts payable |
25,000 |
15,500 |
Income taxes payable |
21,000 |
29,100 |
5,300 |
4,600 |
|
8% callable bonds payable |
45,000 |
20,000 |
Common stock |
50,000 |
40,000 |
Paid-in capital in excess of par |
9,100 |
7,500 |
44,700 |
64,600 |
|
Sales revenue |
538,800 |
778,700 |
|
756,700 |
976,100 |
To determine the amounts L L should report in its statement of
(a) Collection from customers.
(b) Payment to suppliers.
(c) Payment for interest.
(d) Income tax payment.
(e) Selling expenses.

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Chapter 23 Solutions
Study Guide Intermediate Accounting, Volume 1: Chapters 1 - 14
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