The following comparative statement of financial position for Dubai Co. is given for the financial periods...

Transcribed Image Text:

The following comparative statement of financial position for Dubai Co. is given for the financial periods 2015 an 2020 201 $430,000 $3000 Accumulated deprecision of PPE (70,000) 155,000) Copyrights 43.000 $1,000 22.000 12.06 Inventory 65,000 72.000 70,000 52.000 Cal 122.000 11.000 3634-090 5505000 Capital preferred shares $42.000 23,000 Premanum on preferred shares 150 000 160,000 Common stock 96,000 56,000 Retained earnings Bond payable 45,000 34.000 57.000 Accounts payable Accrued liabilities 65,000 45.000 179,000 187.000 5634.000 $505.000 The income statement for 2020 is as follows: Net sales Cost of goods sold Gross profit Operating expenses Net income Required: Comauta thaif $850,000 582,000 268,000 170.000 $98.000 the Direct Method (Show your calculationsl The following comparative statement of financial position for Dubai Co. is given for the financial periods 2015 an 2020 201 $430,000 $3000 Accumulated deprecision of PPE (70,000) 155,000) Copyrights 43.000 $1,000 22.000 12.06 Inventory 65,000 72.000 70,000 52.000 Cal 122.000 11.000 3634-090 5505000 Capital preferred shares $42.000 23,000 Premanum on preferred shares 150 000 160,000 Common stock 96,000 56,000 Retained earnings Bond payable 45,000 34.000 57.000 Accounts payable Accrued liabilities 65,000 45.000 179,000 187.000 5634.000 $505.000 The income statement for 2020 is as follows: Net sales Cost of goods sold Gross profit Operating expenses Net income Required: Comauta thaif $850,000 582,000 268,000 170.000 $98.000 the Direct Method (Show your calculationsl