Question
Need help can not figure out Cash $145,670.00 $179,640.00 4 Accounts receivable (net) 225,480.00 241,430.00 5 Merchandise inventory 320,660.00 298,210.00 6 Prepaid expenses 12,990.00 8,900.00
Need help can not figure out
Cash
$145,670.00
$179,640.00
4
Accounts receivable (net)
225,480.00
241,430.00
5
Merchandise inventory
320,660.00
298,210.00
6
Prepaid expenses
12,990.00
8,900.00
7
Equipment
655,730.00
537,410.00
8
Accumulated depreciation-equipment
(171,620.00)
(132,200.00)
9
Total assets
$1,188,910.00
$1,133,390.00
10
Liabilities and Stockholders' Equity
11
Accounts payable (merchandise creditors)
$250,770.00
$237,180.00
12
Mortgage note payable
0.00
336,110.00
13
Common stock, $10 par
74,000.00
24,000.00
14
Paid-in capital: Excess of issue price over parcommon stock
480,000.00
320,000.00
15
Retained earnings
384,140.00
216,100.00
16
Total liabilities and stockholders' equity
$1,188,910.00
$1,133,390.00
Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2016 are as follows:
A.Net income, $321,680B.Depreciation reported on the income statement, $84,000C.Equipment was purchased at a cost of $162,900 and fully depreciated equipment costing $44,580 was discarded, with no salvage realized.D.10,000 shares of common stock were issued at $21 for cash.E.The mortgage note payable was not due until 2018 but the terms permitted earlier payment without penalty.F.Cash dividends declared and paid, $153,640
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