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Exercise 14-9 Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 2019 $ 16,000 $31,000 Accounts receivable (net) 70,00061,000
Exercise 14-9 Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 2019 $ 16,000 $31,000 Accounts receivable (net) 70,00061,000 51,000 201,000 182,000 $348,000 $325,000 $50,000 $60,500 Mortgage payable (15%) 100,500 100,500 Common stock, $10 par 136,000 120,500 43,500 $348,000 $325,000 Cash Inventory Plant assets (net) 61,000 Accounts payable Retained earnings 61,500 Additional information for 2020: 1. Net income was $25,700. 2. Sales on account were $406,450. Sales returns and allowances amounted to $20,000. 3. Cost of goods sold was $201,600. 4. Net cash provided by operating activities was $44,200. 5. Capital expenditures were $26,600, and cash dividends were $8,700
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