Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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

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_2

Step: 3

blur-text-image_3

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

20th Edition

1292399805, 978-1292399805

More Books

Students explore these related Accounting questions