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PT ABC has prepared the following financial reports for 2018 and 2019 Adjusted Trial Balance for Income Statement Accounts Net Sales 2.376.000 Cost of Goods

PT ABC has prepared the following financial reports for 2018 and 2019

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Adjusted Trial Balance for Income Statement Accounts Net Sales 2.376.000 Cost of Goods Sold 1.306.800 Operating Expenses 678.600 Loss on Sale of Plant Assets 18.000 Interest Expense 92.400 Income taxes Expense 75.000 Comparative Statement of Financial Position 31-Dec-19 31-Dec-18 Difference Cash 356.400 183.600 172.800 Accounts Receivable 190.800 140.400 50.400 Inventory 180.000 216.000 (36.000) Prepaid Expenses 21.600 32.400 (10.800) Fixed Assets 1.512.000 1.260.000 252.000 Accumulated Depreciation (540.000) (450.000) 90.000 Patents 183.600 208.800 (25.200) 1.904.400 1.591.200 Accounts Payable 444.000 498.000 (54.000) Accrued Payable 420.000 222.000 198.000 Notes Payable 630.000 630.000 Bank Payable 136.800 619.200 (482.400) Share Capital 201.600 201.600 Retained Earnings 72.000 50.400 21.600 1.904.400 1.591.200 Additional data No The company purchased a new machine for 400,000 and a new operational vehicle for 254,000 in January 2019. Both are recorded as Fixed Assets. 2 The company sold an old forklift that cost 90,000 and Accumulated Depreciation 60,000. The loss on sale of this fixed assets was 18,000. 3 The depreciation expense of fixed assets for the 2019 is 150,000. 4 No additional patent or other intangible assets is acquired/sold by the company during 2019. The existing patent is amortized annually. 5 Cash dividends declared and paid for 2019 was 183,600

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