Answered step by step
Verified Expert Solution
Question
1 Approved Answer
IMPORTANT: Pls help asap ! Thank u in advance will give you thumbs up :) XS Supply Company is developing its annual financial statements at
IMPORTANT: Pls help asap! Thank u in advance will give you thumbs up :)
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:
XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized Current Year Year Previous Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment 34,400 40.400 116,500 33,580 28,550 27,700 37,700 97,000 (29,400) (24,700) $195,480 $166,250 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings 35,400 S 26,700 1,550 41,000 72,300 24,700 1,380 35,300 86.800 36,600 $195,480 $166,250 Income Statement Sales Revenue Cost of Goods Sold Other Expenses 117,000 68.500 36.600 Net Income $11,900 Additional Data a. Bought equipment for cash, $19,500 b. Paid $5,700 on the long-term note payable c. Issued new shares of stock for $14,500 cash. d. No dividends were declared or paid e. Other expenses included depreciation, $4,700; Salaies and wages, $19,700; taxes, $5,700; utilities $6,500 f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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