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Charlotte Company's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra
Charlotte Company's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra Asset Accounts: Cash 46,300 36,000 Accounts receivable Inventory $(43,000) Prepaid expenses 10.200 54,000 Long-term investments 84,000 Property, plant and equipment 60.000 Accumulated depreciation Liability and Equity Accounts $(43,000) Accounts payable 33,000 Accrued liabilities 63,000 Income taxes payable Bonds payable $(74,000) Common stock 44,000 77,500 Retained earnings The company did not dispose of any property, plant, and equipment, sell any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend $20,500
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