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Oakley Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $84,200 $47,000 Accounts receivable 91,200 56,800 Inventory 124,600 102,200 Investments 83,200 85,000 Equipment 256,000
Oakley Company Comparative Balance Sheets December 31 | ||||||
Assets | 2020 | 2019 | ||||
Cash | $84,200 | $47,000 | ||||
Accounts receivable | 91,200 | 56,800 | ||||
Inventory | 124,600 | 102,200 | ||||
Investments | 83,200 | 85,000 | ||||
Equipment | 256,000 | 204,000 | ||||
Accumulated depreciationequipment | (50,000 | ) | (40,000 | ) | ||
$589,200 | $455,000 | |||||
Liabilities and Stockholders Equity | ||||||
Accounts payable | $58,400 | $48,700 | ||||
Accrued expenses payable | 12,300 | 18,600 | ||||
Bonds payable | 101,000 | 71,000 | ||||
Common stock | 249,000 | 201,000 | ||||
Retained earnings | 168,500 | 115,700 | ||||
$589,200 | $455,000 |
Oakley Company Income Statement For the Year Ended December 31, 2020 | ||||
Sales revenue | $293,400 | |||
Gain on disposal of plant assets | 8,000 | |||
301,400 | ||||
Less: | ||||
Cost of goods sold | $99,600 | |||
Operating expenses (excluding depreciation expense) | 13,400 | |||
Depreciation expense | 49,200 | |||
Income tax expense | 7,200 | |||
Interest expense | 2,800 | 172,200 | ||
Net income | $129,200 |
Additional information:
1. | Equipment costing $94,000 was purchased for cash during the year. | |
2. | Investments were sold at cost. | |
3. | Equipment costing $42,000 was sold for $10,800, resulting in gain of $8,000. | |
4. | A cash dividend of $76,400 was declared and paid during the year. |
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