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Help with this, please! Comprehensive Problem 2 St of Cash Flows and Ratios Algo R. Allen Inc Income Statement For years ended December 31, 2017
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Comprehensive Problem 2 St of Cash Flows and Ratios Algo R. Allen Inc Income Statement For years ended December 31, 2017 and 2018 R. Allen Inc. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Change 2017 Current assets $31,700 $18,570 32,000 6,000 42,000 2,000 2,700 -1,500 2.600 -900 111,000 24,170 points $528,000 $475,000 Cash Sales (all on credit) Cost of goods sold Gross margin $50,270 (321.000) (263.000) Accounts receivable (net) 38,000 44,000 1,200 1700 02:51:41 207000 212,000 nventory Prepaid expenses Depreciation expense Other operating expenses Total operating expenses Operating income 37,000 51,000 Other current assets 114.000 95,000otal current assets 151,000 146,000 56.000 66.000 Long-term Investments 135,170 eBook 56,000 25,000 es Other income (expenses) 307000 257000 50,000 (51,000) 26,800 229,200 206,000 23.200 373.000 72,370 Plant assets Less: accumulated 4.700) 3,500) depreciation 5,500 3,900 Total plant assets (2.700 3.200) Total assets (77,800) Interest expense Gain on sale of investments Loss on sale of plant assets Total other income (expenses) 445370 (12,900) (2,800) Current liabilities: Income before income taxes Income taxes expense Net income $26,000 $-500 3,000 600 5,000 3,600 34,000 3.500 $25,500 54,100 63,200 Accounts payable (16,230 18,960) Accrued liabilities $3787Q $44,240 Income taxes payable 1400 30,500 Total current liabilities R. Allen Inc. Statement of Retained Earnings For the year ended December 31, 2018 Long term liabilities: Notes Payable Total liabilities 236,000 266,500 175,000 61,000 209,000 57,500 2018 2017 Ret. earnings, Jan.1 Add: net income $26,000 $0 Stockholders' equity 37.870 44.240 Common stock. $5 par value 110.000 110.000 0Step by Step Solution
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