25,000 30,000 Notes payable 5 27,000 35,000 65,000 13,500 Fixed Assets $ 35,000 70,000 40,000 53,000 Common stock Net plant and equipment Sales for 20x2 were $295,000, and the cost of goods sold was 60 percent of sales (gross) at 31, 20X1 balances. The tax rate averaged 20 percent $3.500 in preferred stock dividends were paid, and $4,950 in dividends were paid to common stockholders. There During 20x2 the cash botiance and prepaid expenses balances were unchanged Accounts receivable and inventory increased by 10 percent A new machine was purchased on December 31, 200 Accounts payable increased ty 35 percent. Notes payable increased by $7.,500 and bonds payable decreased by $17 500, both at the end of the year. The pretferred stock, common stock, and cap were 10,000 shares of common stock outstanding at a cost of $50,000 paid in excess of par accounts did not change a. Prepare an income statement for 20x2 (Round EPS answer to 2 decimal places) SONY ASSIST Button: 25,000 30,000 Notes payable 5 27,000 35,000 65,000 13,500 Fixed Assets $ 35,000 70,000 40,000 53,000 Common stock Net plant and equipment Sales for 20x2 were $295,000, and the cost of goods sold was 60 percent of sales (gross) at 31, 20X1 balances. The tax rate averaged 20 percent $3.500 in preferred stock dividends were paid, and $4,950 in dividends were paid to common stockholders. There During 20x2 the cash botiance and prepaid expenses balances were unchanged Accounts receivable and inventory increased by 10 percent A new machine was purchased on December 31, 200 Accounts payable increased ty 35 percent. Notes payable increased by $7.,500 and bonds payable decreased by $17 500, both at the end of the year. The pretferred stock, common stock, and cap were 10,000 shares of common stock outstanding at a cost of $50,000 paid in excess of par accounts did not change a. Prepare an income statement for 20x2 (Round EPS answer to 2 decimal places) SONY ASSIST Button