1.statement information andadditional data Selected financial forABC Corporation is presented below.
ABC Corporation
Balance Sheet and Income Statement Data
December31, December 31,
2015 2014___
Current Assets:
Cash $143,000 $119,000
AccountsReceivable 228,000 306,000
Inventory 391,000 340,000
Total CurrentAssets 762,000 765,000
Property, Plant, andEquipment 1,261,000 1,122,000
Less: AccumulatedDepreciation (476,000) (442,000)
TotalAssets $1,547,000 $1,445,000
Current Liabilities:
AccountsPayable $187,000 $102,000
NotesPayable 51,000 68,000
Income TaxesPayable 85,000 76,500
Total CurrentLiabilities 323,000 246,500
BondsPayable 350,000 391,000
TotalLiabilities 673,000 637,500
Stockholders' Equity:
CommonStock 510,000 467,500
RetainedEarnings 364,000 340,000
Total Stockholders'Equity 874,000 807,500
Total Liabilities & Stockholders'Equity $1,547,000 $1,445,000
SalesRevenue 1,615,000 $1,513,000
Less Cost of GoodsSold 781,000 731,000
GrossProfit 834,000 782,000
Expenses:
DepreciationExpense 153,000 136,000
Salaries and WagesExpense 391,000 357,000
InterestExpense 34,000 34,000
Loss on Sale ofEquipment 12,000 0
Income BeforeTaxes 244,000 255,000
Less Income TaxExpense 98,000 102,000
NetIncome $146,000 $153,000
Additional Information:
During the year, XYZ Corporation hadthe following transactions:
a.Sold equipment for $2,000. Theoriginal cost of the equipment was $133,000 and the related balancein the accumulated depreciation account totaled $119,000.
b.Purchased new equipment and paid$272,000 in cash.
1.statement information andadditional data Selected financial forABC Corporation is presented below.
ABC Corporation
Balance Sheet and Income Statement Data
December31, December 31,
2015 2014___
Current Assets:
Cash $143,000 $119,000
AccountsReceivable 228,000 306,000
Inventory 391,000 340,000
Total CurrentAssets 762,000 765,000
Property, Plant, andEquipment 1,261,000 1,122,000
Less: AccumulatedDepreciation (476,000) (442,000)
TotalAssets $1,547,000 $1,445,000
Current Liabilities:
AccountsPayable $187,000 $102,000
NotesPayable 51,000 68,000
Income TaxesPayable 85,000 76,500
Total CurrentLiabilities 323,000 246,500
BondsPayable 350,000 391,000
TotalLiabilities 673,000 637,500
Stockholders' Equity:
CommonStock 510,000 467,500
RetainedEarnings 364,000 340,000
Total Stockholders'Equity 874,000 807,500
Total Liabilities & Stockholders'Equity $1,547,000 $1,445,000
SalesRevenue 1,615,000 $1,513,000
Less Cost of GoodsSold 781,000 731,000
GrossProfit 834,000 782,000
Expenses:
DepreciationExpense 153,000 136,000
Salaries and WagesExpense 391,000 357,000
InterestExpense 34,000 34,000
Loss on Sale ofEquipment 12,000 0
Income BeforeTaxes 244,000 255,000
Less Income TaxExpense 98,000 102,000
NetIncome $146,000 $153,000
Additional Information:
During the year, XYZ Corporation hadthe following transactions:
a.Sold equipment for $2,000. Theoriginal cost of the equipment was $133,000 and the related balancein the accumulated depreciation account totaled $119,000.
b.Purchased new equipment and paid$272,000 in cash.
Prepare a statement of cash flows for the year ended December31, 2015.
Prepare a statement of cash flows for the year ended December31, 2015.
1.statement information andadditional data Selected financial forABC Corporation is presented below.
ABC Corporation
Balance Sheet and Income Statement Data
December31, December 31,
2015 2014___
Current Assets:
Cash $143,000 $119,000
AccountsReceivable 228,000 306,000
Inventory 391,000 340,000
Total CurrentAssets 762,000 765,000
Property, Plant, andEquipment 1,261,000 1,122,000
Less: AccumulatedDepreciation (476,000) (442,000)
TotalAssets $1,547,000 $1,445,000
Current Liabilities:
AccountsPayable $187,000 $102,000
NotesPayable 51,000 68,000
Income TaxesPayable 85,000 76,500
Total CurrentLiabilities 323,000 246,500
BondsPayable 350,000 391,000
TotalLiabilities 673,000 637,500
Stockholders' Equity:
CommonStock 510,000 467,500
RetainedEarnings 364,000 340,000
Total Stockholders'Equity 874,000 807,500
Total Liabilities & Stockholders'Equity $1,547,000 $1,445,000
SalesRevenue 1,615,000 $1,513,000
Less Cost of GoodsSold 781,000 731,000
GrossProfit 834,000 782,000
Expenses:
DepreciationExpense 153,000 136,000
Salaries and WagesExpense 391,000 357,000
InterestExpense 34,000 34,000
Loss on Sale ofEquipment 12,000 0
Income BeforeTaxes 244,000 255,000
Less Income TaxExpense 98,000 102,000
NetIncome $146,000 $153,000
Additional Information:
During the year, XYZ Corporation hadthe following transactions:
a.Sold equipment for $2,000. Theoriginal cost of the equipment was $133,000 and the related balancein the accumulated depreciation account totaled $119,000.
b.Purchased new equipment and paid$272,000 in cash.
1.statement information andadditional data Selected financial forABC Corporation is presented below.
ABC Corporation
Balance Sheet and Income Statement Data
December31, December 31,
2015 2014___
Current Assets:
Cash $143,000 $119,000
AccountsReceivable 228,000 306,000
Inventory 391,000 340,000
Total CurrentAssets 762,000 765,000
Property, Plant, andEquipment 1,261,000 1,122,000
Less: AccumulatedDepreciation (476,000) (442,000)
TotalAssets $1,547,000 $1,445,000
Current Liabilities:
AccountsPayable $187,000 $102,000
NotesPayable 51,000 68,000
Income TaxesPayable 85,000 76,500
Total CurrentLiabilities 323,000 246,500
BondsPayable 350,000 391,000
TotalLiabilities 673,000 637,500
Stockholders' Equity:
CommonStock 510,000 467,500
RetainedEarnings 364,000 340,000
Total Stockholders'Equity 874,000 807,500
Total Liabilities & Stockholders'Equity $1,547,000 $1,445,000
SalesRevenue 1,615,000 $1,513,000
Less Cost of GoodsSold 781,000 731,000
GrossProfit 834,000 782,000
Expenses:
DepreciationExpense 153,000 136,000
Salaries and WagesExpense 391,000 357,000
InterestExpense 34,000 34,000
Loss on Sale ofEquipment 12,000 0
Income BeforeTaxes 244,000 255,000
Less Income TaxExpense 98,000 102,000
NetIncome $146,000 $153,000
Additional Information:
During the year, XYZ Corporation hadthe following transactions:
a.Sold equipment for $2,000. Theoriginal cost of the equipment was $133,000 and the related balancein the accumulated depreciation account totaled $119,000.
b.Purchased new equipment and paid$272,000 in cash.
Prepare a statement of cash flows for the year ended December31, 2015.
Prepare a statement of cash flows for the year ended December31, 2015.
