Question
please help me to solve these questions: Use the following information Junior Co. showed the following balance sheets for 12/31 20 20 and 201 9
please help me to solve these questions:
Use the following information
Junior Co. showed the following balance sheets for 12/31 2020and 2019
2020 2019
Assets
Cash $330,000 $305,000
A/R 500,000 390,000
Inventory 350,000 175,000
Equipment 190,000 150,000
A/D, Equip (40,000) (20,000)
TOTAL $1,330,000 $1,000,000
Liabilities & Equity
A/P 200,000 180,000
Salary Payable 40,000 30,000
Bonds Payable 400,000 300,000
Common Stock 500,000 400,000
Retained Earnings 190,000 90,000
TOTAL $1,330,000 $1,000,000
Juniors net income was $150,000 and dividends of $50,000 were paid. The only change to the Accum. Depr. account wasfor the 2020 depreciation expense, there were no non-cash investing or financing transactions, and cash was paid for all long term asset purchases.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started