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The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable Accumulated depreciation $ 10,400 Cost of goods sold
The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable Accumulated depreciation $ 10,400 Cost of goods sold Income tax expense Cash 50,300 125,000 9,500 61,000 Net sales 203,000 Equipment 129,000 Selling, general, and administrative expenses 35,000 Common stock (8,000 shares) 97,000 Accounts payable 10,700 Retained earnings, 1/1/19 27,800 Interest expense 5,500 Merchandise inventory 38,400 Long-term debt Dividends declared and paid during 2019 39,000 14,000 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.
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