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Audio City, Incorporated, is developing its annual financial statements at December 3 1 . The statements are complete except for the statement of cash flows.
Audio City, Incorporated, is developing its annual financial statements at December The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: tableBalance Sheet at December Current Year,Previous YearCash$$Audio City, Incorporated, is developing its annual financial statements at December The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Current Year Previous Year Balance Sheet at December Cash $ $ Accounts Receivable Inventory Equipment Accumulated DepreciationEquipment Total Assets $ $ Accounts Payable $ $ Salaries and Wages Payable Notes Payable longterm Common Stock Retained Earnings Total Liabilities and Stockholders Equity $ $ Income Statement Sales Revenue $ Cost of Goods Sold Other Expenses Net Income $ Additional Data: Bought equipment for cash, $ Paid $ on the longterm notes payable. Issued new shares of stock for $ cash. Dividends of $ were paid in cash. Other expenses included depreciation, $; salaries and wages, $; taxes, $ Accounts Payable includes only inventory purchases made on credit. Because a liability relating to taxes does not exist, assume that they were fully paid in cash.
Audio City, Incorporated, is developing its annual financial statements at December The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below:
tableBalance Sheet at December Current Year,Previous YearCash$$Audio City, Incorporated, is developing its annual financial statements at December The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below:
Current Year Previous Year
Balance Sheet at December
Cash $ $
Accounts Receivable
Inventory
Equipment
Accumulated DepreciationEquipment
Total Assets $ $
Accounts Payable $ $
Salaries and Wages Payable
Notes Payable longterm
Common Stock
Retained Earnings
Total Liabilities and Stockholders Equity $ $
Income Statement
Sales Revenue $
Cost of Goods Sold
Other Expenses
Net Income $
Additional Data:
Bought equipment for cash, $
Paid $ on the longterm notes payable.
Issued new shares of stock for $ cash.
Dividends of $ were paid in cash.
Other expenses included depreciation, $; salaries and wages, $; taxes, $
Accounts Payable includes only inventory purchases made on credit. Because a liability relating to taxes does not exist, assume that they were fully paid in cash.
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