BA 311 Test Two Long Questions NAME Pr. A. A information from a comparative balance sheet & income statement for Lancaster Corporation is presented below December 31 Cash Accounts receivable Inventory Equipment S 68,000 15,000 22,000 210.000 5 65,000 22,000 18,000 150,000 $9 900 41000 Total Assets Accounts payable Wages payable Notes payable, long term Common stock ($1 par) Retained earnings $ 8,000 2.000 60,000 100,000 $19,000 1,000 70,000 75,000 Total Liabilities Equity Income Statement for 2018 195,000 Cost of Goods Sokd Depreciation Expense Other Expenses 15,000 45,000 Net Income $45,000 Additional information 1. Bought equipment for Cash, $80,000 2. Paid $10,000 of the long-term notes payable 3. Issued new shares of stock for $25,000 4. Cash dividends of $5,000 were declared and paid Lancaster Statement of Cash Flows For year ending 31, 2018