Check my work Sweet Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. SWEET CORPORATION Comparative Balance Sheets December 31 02:19:39 Prior Current Year Year Book 494,000 150,000 645,000 1,289,000 409,000 (193,000) $1,505,000 $ 315,800 128,000 564,000 1,007, 800 356,000 (124,000) $1,239,800 Print Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity erences $ $ 133,000 32,000 165,000 109,000 28,800 137,800 820,000 305,000 215,000 $1,505,000 758,000 212,000 132,000 $1,239,800 $2,610,000 1,582,000 1,028,000 SWEET CORPORATION Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 69,000 Other expenses 719,000 Income before taxes Income taxes expense Net income 788,000 240,000 73,460 166,540 $ Additional Information on Current Year Transactions a. Purchased equipment for $53,000 cash. b. Issued 31,000 shares of common stock for $5 cash per share. c. Declared and paid $83,540 in cash dividends. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Check my work Sweet Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. SWEET CORPORATION Comparative Balance Sheets December 31 02:19:39 Prior Current Year Year Book 494,000 150,000 645,000 1,289,000 409,000 (193,000) $1,505,000 $ 315,800 128,000 564,000 1,007, 800 356,000 (124,000) $1,239,800 Print Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity erences $ $ 133,000 32,000 165,000 109,000 28,800 137,800 820,000 305,000 215,000 $1,505,000 758,000 212,000 132,000 $1,239,800 $2,610,000 1,582,000 1,028,000 SWEET CORPORATION Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 69,000 Other expenses 719,000 Income before taxes Income taxes expense Net income 788,000 240,000 73,460 166,540 $ Additional Information on Current Year Transactions a. Purchased equipment for $53,000 cash. b. Issued 31,000 shares of common stock for $5 cash per share. c. Declared and paid $83,540 in cash dividends. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method