Other Information

Allowance for Doubtful Accounts $250 and 318 in 20X8 and 20X7 respectively.

XYZ paid a dividend of $1.50 per share in 20X8.

XYZ repaid $60,000 of Long-Term Debt in 20X8.

The building was purchased January 1, 20X6 for $50,000. It is being depreciated straight-line, 10 year life, zero residual value.

Required

Total Accounts Receivable 20X8 $_______________.

Net Income 20X8 $_______________.

Long Term Debt borrowings 20X8 $_______________.

The Building was sold on April 1, 20X9 for $80,000. The Journal entry to record the sale is:

XYZ Company Balance Sheet as of December 31, 20X7 and 20X8 December December 20X8 Liabilities and stockholders' equity Current liabilities: 20X7 Assets Current assets: 20X8 20X7 $ 22,000 $ 9,000 Accounts payable S 14,000 $ 4,000 10,000 13,000 1,000 2,000 26,000 20,000 85,000 35,000 20,000 15,000 131,000 70,000 Cash and cash equivalents Accounts receivable, net Inventories 13,000 14,000 49,000 50,000 35,000 10,000 Short-term debt Wages and salaries payable Income taxes payable 21,000 20,000 50,000 30,000 40,000 10,000 144,000 130,000 2,000 Total current assets Property and equipment, net Buildings, net Land Total current liabilities Long-term debt Other long-term liabilities Total assets Total liabilities Stockholders' equity Capital stock - 1,000 shares iss. and out. Retained earnings 10,000 3,000 13,000 $144,000 10,000 50,000 60,000 $130,000 Total stockholders' equity Total liabilities and stockholders' equity