The following financial statements and additional information are reported. Comparative Balance Sheets Assets Cash At December 31 Accounts receivable, net Inventory Prepaid expenses Total current assets Machinery Accumulated depreciation-Machinery Total assets Liabilities Accounts payable Salaries payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Year 2 $ 96,100 93,508 82,800 6,300 278,708 143,000 (36,500) $385,200 $ 44,000 7,900 5,300 57,208 49,000 186,200 Year 1 $ 63,000 70,000 115,000 9,200 257,200 134,000 (18,500) $ 372,700 $ 58,500 18,800 7,600 84,900 79,000 163,900
The following financial statements and additional information are reported. Comparative Balance Sheets Assets Cash At December 31 Accounts receivable, net Inventory Prepaid expenses Total current assets Machinery Accumulated depreciation-Machinery Total assets Liabilities Accounts payable Salaries payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Year 2 $ 96,100 93,508 82,800 6,300 278,708 143,000 (36,500) $385,200 $ 44,000 7,900 5,300 57,208 49,000 186,200 Year 1 $ 63,000 70,000 115,000 9,200 257,200 134,000 (18,500) $ 372,700 $ 58,500 18,800 7,600 84,900 79,000 163,900
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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