Chapter 14 question 7

Chapter 14 Assignment 6 Help Seve&Exit 7 Joyner Company's income statement for Year 2 follows: Check Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items $ 714,000 102,000 612,000 218,000 94,000 4 ints Gain on sale of equipment Income before taxes Income taxes 9,000 403,000 eBook 161,200 Net income 241,800 Print Its balance sheet amounts at the end of Years 1 and 2 are as follows: eferences Year 2 Year 1 Asset Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment $ 193,900 86,500 267,000 134,000 318,000 273,000 20,000 788,900 513,500 516,000 65,200130,500 464,800385,500 0 10,000 630,000 Less accumulated depreciation Net property, plant, and equipment Loan to Hynans Company Total assets 42,000 $1,295,700 $899,000 Liabilities and stockholders' Equity Accounts payable Accrued 1iabilities Income taxes payable Total current 1iabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity 318,000 $262,000 58,000 47,000 84,10080,000 449,100 400,000 197,000 116,000 5 1516,000 646, 100 344,000 305,600 288,000 95,000 649,600 383,000 $1,295,700 $899,000 Total liabilities and stockholders' equity