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The income statement and additional data of Jackson Services, Inc. follow: Jackson Services, Inc. Income Statement Year Ended December 31, 2013 Revenues: Sales Revenue $304,000

The income statement and additional data of Jackson Services, Inc. follow:

Jackson Services, Inc. Income Statement Year Ended December 31, 2013
Revenues:
Sales Revenue $304,000
Dividend Revenue 7,000
Total Revenues $311,000
Expenses:
Cost of Goods Sold $100,000
Salaries Expense 55,000
Depreciation Expense 20,000
Advertising Expense 9,000
Interest Expense 1,000
Income Tax Expense 13,000
Total Expenses 198,000
Net Income $113,000

Additional data follows:

  • Acquisition of fixed assets totaled $122,000. Of this amount, $105,000 was paid in cash and a $17,000 note payable was signed for the remainder.
  • Proceeds from sale of land totaled $28,000. No gain or loss was recognized on the sale.
  • Proceeds from issuance of common stock totaled $34,000.
  • Payment of long-term note payable was $17,000.
  • Payment of dividends was $11,000.
  • Data from the comparative balance sheet follow:
December 31 2013 2012
Current Assets:
Cash $89,000 $24,000
Accounts Receivable 45,000 62,000
Inventory 34,000 28,000
Current Liabilities:
Accounts Payable $33,000 $26,000
Accrued Liabilities 11,000 26,000

Requirements:

Part A: Prepare Jackson Services

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