Statement of Comprehensive Income For year ended 31 December 20X81 Sales Cost of goods sold Depreciation expense Operating expenses Net earnings and comprehensive income Statement of Financial Position 20x8 At 31 December Debits Cash Accounts receivable Inventory Investment, long-term Capital assets Total debits Credits Bank overdraft Accumulated depreciation Accounts payable Short-term bank loan Notes payable, long-term Common shares Retained earnings Total credits $ 942,400 (565,200) (14,300) (203,200) $ 159,700 $105,300 $ 53,700 56,800 74,600 59,600 8,800 277,500 176,000 $511,100 $301,200 43,900 37,800 12,600 20x7 - $ 14,800 29,600 17,600 8,800 58,800 154,700 16,900 $511,100 $301,200 106,200 236,100 74,500 Additional information: a. Paid a $23,700 long-term note payable by issuing common shares. b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash. c. Sold the long-term investment at cost, for cash. d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.
Statement of Comprehensive Income For year ended 31 December 20X81 Sales Cost of goods sold Depreciation expense Operating expenses Net earnings and comprehensive income Statement of Financial Position 20x8 At 31 December Debits Cash Accounts receivable Inventory Investment, long-term Capital assets Total debits Credits Bank overdraft Accumulated depreciation Accounts payable Short-term bank loan Notes payable, long-term Common shares Retained earnings Total credits $ 942,400 (565,200) (14,300) (203,200) $ 159,700 $105,300 $ 53,700 56,800 74,600 59,600 8,800 277,500 176,000 $511,100 $301,200 43,900 37,800 12,600 20x7 - $ 14,800 29,600 17,600 8,800 58,800 154,700 16,900 $511,100 $301,200 106,200 236,100 74,500 Additional information: a. Paid a $23,700 long-term note payable by issuing common shares. b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash. c. Sold the long-term investment at cost, for cash. d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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