Question
Presented below are the income statement and balance sheet of Windsor, Inc: Income Statement - 2020 Sales$100 Cost of goods sold 40 Gross profit 60
- Presented below are the income statement and balance sheet of Windsor, Inc:
Income Statement - 2020
Sales$100
Cost of goods sold40
Gross profit60
Operating expense9
Interest expense4
Taxes6
Loss on sale of investment1
Total expenses20
Net income40
Balance Sheet20202019
Cash$10$2
Accounts receivable1210
Inventory1420
Prepaid rent64
Investments610
Equipment2015
Accumulated depreciation(8)(6)
Total assets6055
Accounts Payable43
Taxes payable310
Bonds payable104
Common stock3028
Retained earnings1310
Total6055CONTINUED
Additional Information
- Sold investment that cost $4 for $3.
- Average shares of stock outstanding was $10.
- Market price of a share of common stock was $20.
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Accounting Principles Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
8th Canadian Edition
111950242X, 1-119-50242-5, 978-1119502425
