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Please help with all the requirements. Thank you. Ryle Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the
Please help with all the requirements. Thank you.
Ryle Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Read the requirements. i Requirements x rcise disposed of Jash was received - 1. Compute the amount of Ryle Exercise's acquisition of plant assets. Assume the acquisition was for cash. Ryle Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $44,600. No cash was received upon disposal. 2. Compute new borrowing or payment of long-term notes payable, with Ryle Exercise having only one long-term notes payable transaction during the year. 3. Compute the issuance of common stock with Ryle Exercise having only one common stock transaction during the year. 4. Compute the payment of cash dividends. Print Done Ryle Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 716,000 347,000 369,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Other Operating Expenses Total Operating Expenses $ 52,000 200,000 252,000 $ 117,000 Net Income 2017 18,000 47,000 89,000 225,400 (36,400) 80,000 Ryle Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 Assets Current Assets: Cash 21,000 $ Accounts Receivable 52,000 Merchandise Inventory 89,000 Long-term Assets: Plant Assets 266,800 Accumulated DepreciationPlant Assets (43,800) Investments 91,000 $ Total Assets 476,000 $ Liabilities Current Liabilities: Accounts Payable 79,000 $ Salaries Payable 1,500 Long-term Liabilities: Notes Payable 62,000 Total Liabilities 142,500 Stockholders' Equity Common Stock, no par 48,000 Retained Earnings 285,500 Total Stockholders' Equity 333,500 $ Total Liabilities and Stockholders' Equity 476,000 $ 423,000 73,000 6,000 65,000 144,000 38,000 241,000 279,000 423,000Step by Step Solution
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