Question
Riley Incorporated reports the following amounts at the end of the year (all amounts in $000): Cash $16,140 Product Revenues $112,500 Depreciation Expense 3,210 Mortgage
Riley Incorporated reports the following amounts at the end of the year (all amounts in $000): Cash $16,140 Product Revenues $112,500 Depreciation Expense 3,210 Mortgage Payable 38,000 Taxes Payable 1,020 Treasury Stock 650 Buildings 79,000 Salaries 62,800 Land 40,000 Accumulated Depreciation 21,730 Current Portion - Notes and Mortgage Payable 2,200 Accounts Payable 18,500 Equipment 42,000 Net Accounts Receivable 23,500 Income Tax Expense 3,650 Discounts on Notes Payable 7,950 Interest Expense 4,000 Inventory 6,400 Notes Payable 25,650 Costs of Goods Sold 17,400 Utilities 350 License Revenues 250 Advertising Expense 11,300 Short Term Investments (Securities) 2,500 Prepaid Expense 900 Wages Payable 3,200 In addition, the company had common stock of $75,000 at the beginning of the year and issued an additional $5,000 during the year. The company also had retained earnings of $20,700 at the beginning of the year and declared/paid dividends of $2,000 during the year. Prepare the income statement, statement of stockholders equity, and balance sheet.
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