307 308 Homework 17-5 309 310 Income Statement: Peanut Company 311 Sales $970,000 31-Dec-23 312 Loss on Sale of Equip ($2,000) 313 Cost of Goods Sold ($680,000) 314 Depreciation Exp. ($24,000) 315 Salary Expense ($176,000) 316 Other Expenses {$38,000) 317 Net Income $50,000 318 319 Comparative Balance Sheet: 320 2023 2022 321 Cash $185,000 $159,000 Accounts Pay. 322 Accounts Rec. $10,000 $18,000 Interest Payable 323 Inventory $130,000 $160,000 Income Tax Payable 324 Prepaid Expense $6,000 $9,000 Bonds Payable 325 Plant assets, net $144,000 $0 Common Stock 326 Land $180,000 $70,000 Retained Earnings 327 Total Assets $655,000-$416,000 Total Lab. & SE 328 329 Additional Information: 330 A Equipment which cost $186,000 was purchased for cash. 331 B. Equipment with a book value of $18,000 was sold 332 C Cash dividends were paid. 333 D. Bonds were issued at face value. 334 E Common Stock was issued to acquire land. 335 Prepare a statement of Cash Flows. 2023 2022 $52,000 $60,000 $15,000 $20,000 $19,000 $0 $75,000 $0 $400,000 $290,000 $94,000 $46,000 $655,000 $416,000 326