Help

Probiem # 1 Keniev Corporation Comparative Balance Sheets June 30, 2013 and June 30 2014 Assets 2013 2014 Difference Cash 12,500 69,900 57,400 Accounts Receivable 36,000 31,000 (5,000) Inventory 51,400 46,400 (5,000) Prepaid Expenses 2,600 3,200 600 Furniture 60,000 55,000 (5,000) Accumulated 999:,- Furniture (5,000) (9,000) (4,000) Total Assets 157, 500 196,500 Liabilities 8: Stockholder's Equity Accounts Payable 24,000 23,000 (1,000) Income tax payable 4,800 4,200 (600) Notes Payable (Long term) 35,000 37,000 2,000 Common Stock $10 par value 90,000 115,000 25,000 Retained Earnings 3,700 17,300 13,600 Totai Liabilities 8: S/ E 157,500 196,500 Keniev Corporation Income Statement June 30, 2014 Sales 284,000 Cost of Goods Sold 206,000 Gross Profit 78,000 Operating Expenses 45,000 Operating Income 33,000 Interest expense 2,800 Income before income taxes 30,200 Income tax expense 12,300 Net Income 17,900 Additional information: 1. Issued a $22,000 note payable for purchase of furniture 2. Sold furniture that cost $27,000 with accumulated depreciation of $15,300 at carrying value 3. Recorded depreciation on the furniture for the year, $19,300 4. Repaid a note in the amount of $20,000 5. Sold $25,000 of common stock at par 6. Paid dividends of $4,300