Question
Jetson Exercise Equipment, Inc. reported the following financial statements for 2024: Jetson Exercise Equipment, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue
Jetson Exercise Equipment, Inc. reported the following financial statements for 2024: Jetson Exercise Equipment, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue $711,000 Cost of Goods Sold 344,000 Gross Profit 367,000 Operating Expenses: Depreciation Expense $49,000 Other Operating Expenses 195,000 Total Operating Expenses 244,000 Net Income $123,000. Jetson Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 Assets Current Assets: Cash $20,000 $15,000 Accounts Receivable 54,000 52,000 Merchandise Inventory 86,000 87,000 Long-term Assets: Plant Assets 275,300 220,800 Accumulated DepreciationPlant Assets (46,300) (37,800) Investments 91,000 81,000 Total Assets $480,000 $418,000 Liabilities Current Liabilities: Accounts Payable $80,000 $79,000 Salaries Payable 1,000 4,000 Long-term Liabilities: Notes Payable 64,000 71,000 Total Liabilities 145,000 154,000 Stockholders' Equity Common Stock, no par 47,000 35,000 Retained Earnings 288,000 229,000 Total Stockholders' Equity 335,000 264,000 Total Liabilities and Stockholders' Equity $480,000 $418,000. Read the requirements: 1. Compute the amount of Jetson Exercise's acquisition of plant assets. Assume the acquisition was for cash. Jetson Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. 2. Compute new borrowing or payment of long-term notes payable, with Jetson Exercise having only one long-term notes payable transaction during the year. 3. Compute the issuance of common stock with Jetson Exercise having only one common stock transaction during the year. 4. Compute the payment of cash dividends.
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