Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A 47 Balance Sheet 48 Assets: 49 Cash 50 Marketable Securities 51 Accounts Receivable 52 Inventory 53 Total Current Assets 54 Net Property, Plant

image text in transcribed

A 47 Balance Sheet 48 Assets: 49 Cash 50 Marketable Securities 51 Accounts Receivable 52 Inventory 53 Total Current Assets 54 Net Property, Plant & Equipment 55 Patents 56 57 Total Assets B C D E J K STEP 1 -STEP 2 2022 2021 Change Source Use $ 3,000 $ 5,000 $ 5,000 $ 1,000 $ 7,000 $ 9,500 $ 12,000 $ 5,000 $ 27,000 $ 20,500 $ 147,000 $ 130,000 $ 25,000 $ 27,000 $ 199,000 $ 177,500 M Operating N ----STEP 3 Investing Financing P Sales R $ 480,000 Cost of sales $ 360,000 Gross profit $ 120,000 General & Admin expenses $ 48,000 Depreciation expense $ 15,000 EBIT $ 57,000 Gain on sale of patent $ 4,000 Interest expense $ 6,000 EBT $ 55,000 $11,000.00 58 Liabilities & Stockholders' Equity: 59 Accounts Payable $ 6,000 $ 5,000 60 Accrued Expenses $ 1,500 $ 1,700 Tax expense Net income Footnotes $44,000.00 61 Notes Payable S 8,000 $ 5,500 62 Total current liabilities $ 15,500 $ 12,200 Effective Tax rate 20.00% Cash dividends paid $ 41,100 63 Long-term debt $ 80,000 $ 71,000 64 Common Stock $ 10,000 $ 11,000 65 Paid-In Capital $ 40,000 $ 32,000 66 Treasury Stock $ (4,500) $ (3,800) 67 Retained Earnings $ 58,000 $ 55,100 68 Total Liabilities & Stockholders' Equity $ 199,000 $ 177,500 69 70 Change in cash (subtotals for each cash flow activity)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

3rd edition

77639731, 978-0077639730

More Books

Students also viewed these Accounting questions