pter 17 Question 36 of 50 $391,100 CHENG INC. Income Statement For the Year Ended December 31, 2020 Sales revenue Less Cost of goods sold $135,500 Operating expenses excluding depreciation 11,800 Depreciation expense 37.300 Income tax expense 26,000 Interest expense 4,600 Loss on disposal of plant assets 7.000 Net income 222.200 $168.900 Additional information: 1 2 New equipment costing 579.400 was purchased for cash during the year, Old equipment having an original cost of $50,100 was sold for $1,300 cash. Chapter 17 Question 36 of 50 Condensed minanciardata or Cheng med follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 Cash $99,700 Accounts receivable 93,000 Inventory 112,800 Prepaid expenses 29,100 Investments 139,000 Equipment 270,600 Accumulated depreciation equipment 146,600 Total $697.600 2019 $48.900 32,700 102,800 25,900 114.900 241.300 (51.100) $515.400 Liabilities and Stockholders Equity Accounts payable Accrued expenses payable Bonds payable Common stock $112,000 16,100 112,700 219,600 567,000 17.000 149,000 125.900 O Chapter 17 Question 36 of 50 Equipment Accumulated depreciation equipment Total 270,600 (46,600) $697,600 241,300 (51.100) $515,400 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $112.000 16,100 112,700 219,600 237,200 5697.600 $67,000 17.000 149.000 175.900 106.500 $515.400 CING INC. Income Statement For the Year Ended December 31, 2020 Salestevenue Less Cost of goods sold 5135500 $391.100 o E