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Please answer the question below: There are a few spots left please be clear about what I misssed so far thank you 3 The following
Please answer the question below: There are a few spots left please be clear about what I misssed so far thank you
3 The following changes took place last year in Pavollk Company's balance sheet accounts: Liabilities and Stockh|ders. Equity Accounts Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation $ 25 D Accounts payabl $ 29 I Accrued liabilities $ 63 D Income taxes payable $ 77 I $ 29 D $ 34 I $ 244 I 116 D $ 97 I points 24 I Bonds payable $ 26 D Common stock 47e I Retained earnings $ 97 I D = Decrease: I = Increase Long-term Investments that cost the company $26 were sold during the year for $56 and land that cost $55 was sold for $29. In addition, the company declared and pald $23 In cash dividends during the year. Besides the sale of land, no other sales or retireme of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock The company's Income statement for the year follows: Sales cost of goods sold Gross margirn Selling and administrative expenses Net operating income Nonoperating items: $1,17e 516 654 470 134 Loss on sale of land s (26) Gain on sale of investments Income before taxes Income taxes Net income 3e 188 68 $ 12e The company's beginning cash balance was $138 and lts ending balance was $113. Pre 3 of 4 Graw Next>Step by Step Solution
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