{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T21:08:40-04:00", "answer_date": "2024-05-27 21:08:40", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1801244", "url": "\/study-help\/questions\/the-comparative-balance-sheets-for-2021-and-2020-and-the-1801244", "question_creation_date_js": "2024-05-27T21:08:40-04:00", "question_creation_date": "May 27, 2024 09:08 PM", "meta_title": "[Solved] The comparative balance sheets for 2021 a | SolutionInn", "meta_description": "Answer of - The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Compa | SolutionInn", "meta_keywords": "comparative,balance,sheets,2021,2020,statement,income,below,wright,company,additional,information", "question_title_h1": " The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from", "question_title": " The comparative balance sheets for 2021 and 2020 and the statement", "question_title_for_js_snippet": "The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company Additional information from Wright's accounting records is provided also WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 (5 in thousands) 2021 2020 Assets Cash 72 $ 35 Accounts receivable 79 80 Short term investment 30 10 Land Inventory Buildings and equipment 79 75 54 65 510 410 Less Accumulated depreciation (121) (80) $703 595 Liabilities Accounts payable $ 27 $ 36 Salaries payable 4 6 Interest payable 5 2 I Income tax payable 6 10 Notes payable 0 20 Bonds payable 150 110 Shareholders' Equity Common stock 250 210 Paid in capital excess of par 145 105 Retained earnings 116 96 703 595 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 15 in thousands) Revenues Sales revenue Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $350 $140 53 41 10 50 300 $ 50", "question_description": "\"image\"image\"image", "transcribed_text": "The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 (5 in thousands) 2021 2020 Assets Cash 72 $ 35 Accounts receivable 79 80 Short-term investment 30 10 Land Inventory Buildings and equipment 79 75 54 65 510 410 Less Accumulated depreciation (121) (80) $703 595 Liabilities Accounts payable $ 27 $ 36 Salaries payable 4 6 Interest payable 5 2 I Income tax payable 6 10 Notes payable 0 20 Bonds payable 150 110 Shareholders' Equity Common stock 250 210 Paid-in capital-excess of par 145 105 Retained earnings 116 96 703 595 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 15 in thousands) Revenues Sales revenue Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $350 $140 53 41 10 50 300 $ 50", "related_book": { "title": "Managerial Accounting", "isbn": "978-0073526706, 9780073526706", "edition": "12th Edition", "authors": "Ray H. Garrison, Eric W. Noreen, Peter C. Brewer", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/104.jpg", "uri": "\/textbooks\/managerial-accounting-12th-edition-9780073526706", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8606892969", "uri": "\/textbooks\/the-ultimate-guide-for-getting-more-customers-online-how-to-turn-clicks-into-customers-1st-edition-979-8606892969-173264", "name": "The Ultimate Guide For Getting More Customers Online How To Turn Clicks Into Customers", "edition": "1st Edition" }, "question_posted": "2024-05-27 21:08:40", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/a-charged-isolated-metal-sphere-of-diameter-10-cm-has", "description": "A charged isolated metal sphere of diameter 10 cm has a potential of 8000 V relative to V = 0 at infinity. Calculate the energy density in the electric field near the surface of the sphere.", "stars": 3 }, { "url": "\/delhi-hardware-reported-cost-of-goods-sold-as-follows-", "description": "Delhi Hardware reported cost of goods sold as follows. Delhi made two errors: (1) 2013 ending inventory was overstated $2,000, and (2) 2014 ending inventory was understated $6,000. Instructions...", "stars": 3 }, { "url": "\/study-help\/statistical-sampling-to-auditing\/8-the-mean-score-for-all-high-school-seniors-taking-1933656", "description": "8. The mean score for all high school seniors taking a college entrance exam equals 500. A study is conducted to see whether a different mean applies to those students born m a foreign country. For a...", "stars": 3 }, { "url": "\/study-help\/psychology\/has-the-researcher-appropriately-acknowledged-the-limitations-associated-with-data-1979952", "description": "Has the researcher appropriately acknowledged the limitations associated with data that were collected to supplement the main data collection of the study?", "stars": 3 }, { "url": "\/the-trust-department-of-first-national-bank-offers-two-types", "description": "The Trust Department of First National Bank offers two types of service, Basic and Premier. Trust customers with basic service do not grant trust officers any discretion in managing their accounts....", "stars": 3 }, { "url": "\/study-help\/questions\/listed-below-are-the-transactions-that-affected-the-shareholders-equity-9927217", "description": "Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common...", "stars": 3 }, { "url": "\/study-help\/questions\/critique-of-the-four-parenting-styles-and-their-differing-approaches-1500337", "description": "critique of the four parenting styles and their differing approaches to the factors described by Kail & Cavanaugh (2019) on page 229 (listed previously). Address the following in your paper: Citing...", "stars": 3 }, { "url": "\/study-help\/questions\/1-a-centrifuge-is-spinning-at-a-rate-of-2000-5389374", "description": "1} A centrifuge is spinning at a rate of 2000 revolutions per minute (rpm). How many milliseconds (ms) will it take to complete 5 revolutions", "stars": 3 }, { "url": "\/study-help\/questions\/identity-theft-resource-center-itrc-provides-consumer-and-victim-support-5683356", "description": "Identity Theft Resource Center (ITRC) provides consumer and victim support, public education, and advice. Marlenas grandmother is concerned her identity has been stolen. Help Marlena reconcile her...", "stars": 3 }, { "url": "\/study-help\/questions\/your-company-recently-hired-a-new-administrative-assistant-maryam-arjmand-924219", "description": "Your company recently hired a new administrative assistant, Maryam Arjmand. On her first day, you stopped by her desk to meet her. During your conversation, you told her to let you know if there was...", "stars": 3 }, { "url": "\/study-help\/questions\/in-the-stat-crunch-where-in-stat-command-will-i-4972119", "description": "In the stat crunch, where in stat command will I use for this questions. I go from T stat but it always says error as \"it says no rows in data set\" I don't get it Open the StatCrunch data file Zoeys....", "stars": 3 }, { "url": "\/study-help\/questions\/starting-at-500-am-every-half-hour-there-is-a-4966058", "description": "Starting at 5:00 AM, every half hour there is a flight from San Francisco airport to Los Angeles International airport. Suppose that none of these planes is completely sold out and they have always...", "stars": 3 }, { "url": "\/study-help\/questions\/multiple-compounding-periods-find-the-future-value-of-an-investment-8351499", "description": "Multiple compounding periods: Find the future value of an investment of $127 000 made today for 5 years and paying 11 per cent for the following compounding periods: a quarterly. b monthly. c daily....", "stars": 3 }, { "url": "\/why-do-markets-typically-lead-to-an-efficient-outcome-for", "description": "Why do markets typically lead to an efficient outcome for buyers and sellers?", "stars": 3 }, { "url": "\/study-help\/business-analytics-data\/using-the-classifyrisk-data-set-with-predictors-age-marital-status-1667042", "description": "Using the ClassifyRisk data set with predictors age, marital status, and income, and target variable risk, find the k-nearest neighbor for Record #1, using k=2 and Minkowski (city-block) distance...", "stars": 3 }, { "url": "\/study-help\/business-analytics-data\/refer-to-exercise-4-find-the-euclidean-distance-between-each-1667039", "description": "Refer to Exercise 4. Find the Euclidean distance between each pair of points. Using these points, verify that Euclidean distance is a true distance metric.", "stars": 3 }, { "url": "\/study-help\/business-analytics-data\/refer-to-exercise-3-alter-your-data-set-so-that-1667038", "description": "Refer to Exercise 3. Alter your data set so that the classification changes for different values of k.", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/in-response-to-a-growing-awareness-of-gluten-allergies-sheridan-1801243", "next": "\/study-help\/questions\/chromeexternalfile-assignment-questions-sony-manufacturing-manufactures-three-models-of-lawnmowers-1801245" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " The comparative balance sheets for 2021 and 2020 and the statement", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/the-comparative-balance-sheets-for-2021-and-2020-and-the-1801244" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }