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the management team of Wickersham Brothers incorporated is preparimg its annual financial statements. the statements are complete except for the statement of cash flow. the
the management team of Wickersham Brothers incorporated is preparimg its annual financial statements. the statements are complete except for the statement of cash flow. the completed comparative balance sheets and income statements are summarized.
The management team of Wickersham Brothers Incorporated is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized, Current Year Prior Year Balance Sheet Assets Cash $ 129,300 $ 146,100 Accounts Receivable 156,000 136,500 Inventory 117,000 126,750 Property and Equipment 224,000 117,000 Less: Accumulated Depreciation (65,360) (34,000) Total assets $ 560,940 $ 492,350 Liabilities: Accounts Payable $ 19,500 $ 23,400 Salaries and Wages Payable 3,900 1,950 Notes Payable, Long-Tern 97,500 117,000 Stockholders' Equity Common Stock 176,000 156,000 Retained Earnings 264,040 194,000 Total Liabilities and Stockholders equity $ 560,940 $ 492,350 Income Statement Sales $ 580,000 Cost of Goods Sold 300,000 Depreciation Expense 31,360 Other Expenses 145,000 Net Income $ 103,640 Other information from the company's records includes the following: Bought equipment for cash, S107,000 Paid $19.500 on long-term note payable. Issued new shares of common stock for $20,000 cash Cash dividends of $33,600 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income tax expense ($25,910) and interest expense ($5,850) were paid in full at the end of both years and a Expenses ncluded in Other Required
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