Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Law

Authors: Henry Cheeseman

10th Edition

0134728785, 978-0134728780

More Books

Students also viewed these Accounting questions

Question

What is learning?

Answered: 1 week ago

Question

Armed conflicts.

Answered: 1 week ago

Question

Pollution

Answered: 1 week ago