Question
Type or paste question hereondensed financial data of Tamarisk, Inc. follow. Tamarisk, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $101,200 $48,300 Accounts
Type or paste question hereondensed financial data of Tamarisk, Inc. follow.
Tamarisk, Inc. Comparative Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
Assets | 2022 | 2021 | ||||
Cash | $101,200 | $48,300 | ||||
Accounts receivable | 92,700 | 32,200 | ||||
Inventory | 111,400 | 102,100 | ||||
Prepaid expenses | 29,600 | 25,900 | ||||
Long-term investments | 140,800 | 113,400 | ||||
Plant assets | 274,300 | 243,000 | ||||
Accumulated depreciation | (47,200 | ) | (51,800 | ) | ||
Total | $702,800 | $513,100 | ||||
Liabilities and Stockholders Equity | ||||||
Accounts payable | $111,400 | $68,000 | ||||
Accrued expenses payable | 16,100 | 17,400 | ||||
Bonds payable | 110,500 | 149,400 | ||||
Common stock | 219,400 | 174,200 | ||||
Retained earnings | 245,400 | 104,100 | ||||
Total | $702,800 | $513,100 |
Tamarisk, Inc. Income Statement For the Year Ended December 31, 2022 | ||||
---|---|---|---|---|
Sales revenue | $392,600 | |||
Less: | ||||
Cost of goods sold | $134,500 | |||
Operating expenses, excluding depreciation | 11,400 | |||
Depreciation expense | 34,200 | |||
Income tax expense | 27,700 | |||
Interest expense | 4,300 | |||
Loss on disposal of plant assets | 7,500 | 219,600 | ||
Net income | $173,000 |
Additional information:
1. | New plant assets costing $80,500 were purchased for cash during the year. | |
2. | Old plant assets having an original cost of $49,200 and accumulated depreciation of $38,800 were sold for $2,900 cash. | |
3. | Bonds payable matured and were paid off at face value for cash. | |
4. | A cash dividend of $31,700 was declared and paid during the year. |
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