Wrap Text Format Painter BU Merge & Center Clipboard Alignment A1 'Given Data P24.03A 26 Accounts Receivable (Net) 21 Merchandise Inventory 28 Prepaid Advertising 29 Property, Plant, and Equipment 30 Less: Accumulated Depreciatiorn 31Total Assets 32 55,650 49,000 8,000 120,000 52,000 54,000 10,000 100,000 10,000 25,000 288,650 276,000 Liabilities and Stockholders' Equity 34 Liabilities 35 Accounts Payable 36 Salaries Payable 37 Unearned Revenues 50,450 4,500 79,000 3,500 5,000 4,000 38 Income Taxes Payable 39 Note Payable -2015 40Total Liabilities 5,000 30,000 122,500 6,000 64,950 41 42 Stockholders' Equity 43 Common Stock ($2 par) 44 Retained Earnings 45 Total Stockholders' Equity 46 Total Liabilities and Stockholders' Equity 50,000 103,500 223,700276.000 75,000 148,700 153,500 288,650 47 48 Additional Information: 49 a. No Property, Plant, and Equipment disposed of during year )b. Paid cash for additions to Property, Plant, and Equipment 51 c. Cash paid for dividends on Common Stock 52 d Issued Common Stock at par value for cash 53 e. Paid cash to retire long-term note payable 54 10,000 924.0AGiven P24.01A P24.03A Given P24.03A Ready O Type here to search Alignment Nu A1 f Given Data P24.03A A. 1 Given Data P24.03A JACKSON CORPORATION 4 Comparative Income Statement Year Ended December 31, 2013 7 Revenues 675,500 8 Costs and Expenses 9 Cost of Goods Sold 429,000 10 Salaries Expense 11 Depreciation Expense 12 Advertising Expense 13 Utilities Expense 14 Total Costs and Expenses 15 Net Income Before Income Taxes 125,000 15,000 14,900 18,000 601,900 73,600 18,400 55.200 16 Income Taxes Expense 7 Net Income After Income Taxes 18 19 20 21 JACKSON CORPORATION Comparative Balance Sheet December 31, 2013 and 2012 23 2013 81.000 55,650 49,000 2012 24 25 Cash 26 Accounts Receivable (Net) 27 Merchandise Inventory 28 Prepaid Advertising 29 Property. Plant, and Equipment 0 Less Accumulated Depreciation A P24.01AGven P24.01A P24.03A Given P24.03 Ready Assets 0,000 52,000 54,000 10,000 100,000 8000 120/000 O Type here to search B 1 U att FFormat Painter Clipboard Font Alignment C1 Year Ended December 31, 2013 9 Cash Flows from Operating Activities 10 Net Income 11 Adjustments: 12 Depreciation 13 Increase in accounts receivable 14 Decrease in inventories 15 Decrease in prepaid advertising 16 Decrease in accounts payable 17 Increase in salaries payable 18 Decrease in unearned revenues 19 Increase in income taxes payable 20 Total adjustments 21 Net cash provided by operating activities 23 Cash Flows from Investing Activities 4 Purchase of property, plant, and equipment 25 Net cash used in investing activities 26 7 Cash Flows from financing Activities 28 Proceeds from issuance of common stock 9 Payment of note payable due in 2015 30 Payment of dividend on common stochk 31 Net cash used in financing activities 32 Net increase in cash 3 Cash. January 1 2013 34 Cash. December 3 yp here to search Alignment (f Given Data P24.01A A1 9 Accounts Receivable (net) 10 Merchandise Inventory 11 Property, Plant, and Equipment 12 Less: Accumulated Depreciation 13 Total Assets 129,600 45,600 240,000 (37,000) 456,100 79,600 43,000 190,000 (19,000 333, 100 14 15 16 Liabilities 17 Accounts Payable 18 Bonds Payable Liabilities and Stockholders' Equity 45,000 150,000 195,000 62,000 100,000 19 Total Liabilities 20 1 Stockholders' Equity 22 Common Stock ($1 par, 50,000 shares authorized) 23 5,000 shares issued in 2012 and 6,000 shares 24 issued in 2013) 25 Retained Earnings 26 Total Stockholders' Equity 27 Total Liabilities and Stockholders' Equity 162,000 50,000 121,100 171, 100 333, 100 60,000 201, 100 261, 100 456, 100 28 29 Additional Information for 2013: 30 a. Net Income 1 b. Depreciation recorded for year 32 c. Cash received for Bonds Payable issued at par d. Cash received from issuance of Common Stock S80,000 18,000 S50,000 10,000 10 Par value of Common Stock issued 34 1,000 35 Number of additional shares issued 36 e. Paid cash for equipment 37 $ 50,000 38 NEA P24.01AGiven P24.01AP24,03A Ready O Type here to searcr Alignment f Given Data P24.01A COLE, INC. Comparative Balance Sheet December 31, 2013 and 2012 Assets 2013 2012 8 Cash 9 Accounts Receivable (net) 10 Merchandise Inventory 77,900 129,600 39,500 79,600 43,000 45,600 240,000 (37,00019,000) 456, 100 11 Property, Plant, and Equipment 12 Less: Accumulated Depreciation 13 Total Assets 190,000 333, 100 15 Liabilities and Stockholders' Equity 16 Liabilities 17 Accounts Payable 18 Bonds Payable 19 Total Liabilities 20 1Stockholders Equity 22 Common Stock ($1 par, 50,000 shares authonized) 23 5000 shares issued in 2012 and 6,000 shares 24 issued in 2013) 25 Retained Eamings 26 Total Stockholders' Equity 27 Total Liabilities and Stockholders' Equity 45,000 150,000 195,000 62,000 100,000 162,000 50,000 121.100 171, 100 60,000 201, 100 261,100 333, 100 456, 100 28 29 Additional Information for 2013: 30 a Net Income 80,000 8 000 h nenraciatinn recorde 14 4 Ready ype here at Problem 24.01A COLE, INC Statement of Cash Flows Year Ended December 31, 2013 9 Cash Flows from Operating Activities 10 Net Income for year 11 Adjustments 12 Depreciation 13 Increase in accounts receivable 14 Increase in merchandise inventory 15 Decrease in accounts payable 16 Total adjustments 17 Net cash provided by operating activities 18 19 Cash Flows from Investing Activities 20 Purchase of equipment 21 Net cash used in investing activities 23 Cash Flows from financing Activities 24 Proceeds from issuance of bonds payable 25 Proceeds from issuance of common stock 26 Net cash provided from financing activities 27 Net increase in cash 28 Cash, January 1, 2013 29 Cash, December 31, 2013 30 31 P24.01A Gven P24.01A P24.03A Gven P24.03A Ready O Type here to search