Question
Financo-2, Inc. Balance Sheets for the Years Ending December 31, Year-1 Year-2 Cash 48,760 50,220 Accounts receivable 877,680 803,520 Inventory 390,080 502,200 Total current
Financo-2, Inc. Balance Sheets for the Years Ending December 31, Year-1 Year-2 Cash 48,760 50,220 Accounts receivable 877,680 803,520 Inventory 390,080 502,200 Total current assets 1,316,520 1,355,940 Net fixed assets* 3,169,400 3,264,300 Land 390,080 401,760 Total assets 4,876,000 5,022,000 Notes payable 243,800 200,880 Accounts payable 585,120 502,200 Accruals 146,280 200,880 Current portion of LT Debt 633,880 703,080 Total current liabilities 1,609,080 1,607,040 Long-term debt 1,511,560 1,556,820 Common stock 146,280 200,880 Capital surplus 585,120 652,860 Retained earnings 1,023,960 1,004,400 Total liabilities and equity 4,876,000 5,022,000 Additional Data from Income Statement: Year 1 Year 2 Accounts payable 585,120 502,200 Accruals 146,280 200,880 Current portion of LT Debt 633,880 703,080 Total current liabilities 1,609,080 1,607,040 Long-term debt 1,511,560 1,556,820 Common stock 146,280 200,880 Capital surplus 585,120 652,860 Retained earnings 1,023,960 1,004,400 Total liabilities and equity 4,876,000 5,022,000 Additional Data from Income Statement: Sales in 2021 Net income in 2021 Depreciation expense in 2021 Year-1 Year-2 9,752,000 10,044,000. 195,040 200,880 682,640 703,080 *No long-term assets were sold in either Year-2 or Year-2 Record your answer as a dollar rounded (if necessary) to the nearest whole d- do not include a dollar sign or any commas in your answer. Also, if your answ negative value, place a hyphen (i.e., -) before your answer with no space bet - and the number. For example, record negative $23,426.9234 as -23427. Your Answer: Answer
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started