Morrissey Technologies Inc.'s 2021 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of December 31, 2021 $180,000 Accounts payable $360,000 360,000 56,000 720,000 180,000 $1,260,000 $596,000 100,000 1,800,000 204,000 $2,700,000 Cash Receivables Inventories Total current assets Fixed assets Total assets 1,440,000 $2,700,000 Notes payable Accrued liabilities Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Morrissey Technologies Inc.: Income Statement for December 31, 2021 Sales $3,600,000

Morrissey Technologies Inc.'s 2021 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of December 31, 2021 $180,000 Accounts payable $360,000 360,000 56,000 720,000 180,000 $1,260,000 $596,000 100,000 1,800,000 204,000 $2,700,000 Cash Receivables Inventories Total current assets Fixed assets Total assets 1,440,000 $2,700,000 Notes payable Accrued liabilities Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Morrissey Technologies Inc.: Income Statement for December 31, 2021 Sales $3,600,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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