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2x EC-23 (similar to) Question Help Jetson Exercise Equipment, Inc. reported the following financial statements for 2018: E: (Click the icon to view the income statement.) : (Click the icon to view the comparative balance sheet.) Read the requirements. Requirement 1. Compute the amount of Jetson Exercise's acquisition of plant assets. Jetson Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $49,200. No cash was received upon disposal. The acquisitions of plant assets amounts to $ 91,000 Requirement 2. Compute new borrowing or payment of long-term notes payable, with Jetson Exercise having only one long-term notes payable transaction during the year. i X - Data Table The payment of long-term notes payable is $ 3,000 Requirement 3. Compute the issuance of common stock with Jetson Exercise having only one common stock transaction during the year. Issuance of common stock is $ 13,000 0 Requirements Requirement 4. Compute the payment of cash dividends. $ 717,000 346,000 Payment of cash dividends is $ 70,000 Jetson Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 53,000 Other Operating Expenses 195,000 Total Operating Expenses 1. Compute the amount of Jetson Exercise's acquisition of plant assets. Assume the acquisition was for cash. Jetson Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $49,200. No cash was received upon disposal. 2. Compute new borrowing or payment of long-term notes payable, with Jetson Exercise having only one long-term notes payable transaction during the year. 3. Compute the issuance of common stock with Jetson Exercise having only one common stock transaction during the year. 4. Compute the payment of cash dividends 371,000 248,000 $ 123,000 Net Income Print Done Print Done This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. All parts showing Similar Question 0 Data Table Jetson Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable 18,000 $ 55,000 88,000 15,000 49,000 88,000 Merchandise Inventory Long-term Assets Plant Assets 263,400 Accumulated DepreciationPlant Assets (37,400) 90,000 221,600 (33,600) 75,000 Investments $ 477,000 $ 415,000 Total Assets Liabilities 74,000 Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: 75,000 $ 1,000 3,000 Notes Payable 63,000 66,000 Print Done Data Table - X Cash 15,000 Accounts Receivable 18,000 $ 55,000 88,000 49,000 88,000 Merchandise Inventory Long-term Assets: Plant Assets Accumulated DepreciationPlant Assets 263,400 (37,400) 90,000 221,600 (33,600) 75,000 Investments $ 477,000 $ 415,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ 75,000 $ 1,000 74,000 3,000 Salaries Payable Long-term Liabilities: 63,000 66,000 Notes Payable Total Liabilities 139,000 143,000 Stockholders' Equity Common Stock, no par 49,000 289,000 36,000 236,000 Retained Earnings Total Stockholders' Equity 338,000 272,000 477,000 $ 415,000 Total Liabilities and Stockholders' Equity Print Done
