Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $52,900; total assets, $219,400; common stock, $86,000; and retained earnings, $31,757.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gnorr ppofit Accounts payable $ 14,000 8,200 Accrued wages payable 30,000 Income taxes payable 38,150 2,600 149,300 $ 242,250 CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 456,600 297,750 158 850 Long-term note payable, secured by mortgage on plant assets Common stock Retained earnings Total liabilities and equity $ 18,500 3,600 4,000 65,400 86,000 64,750 $ 242,250
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $52,900; total assets, $219,400; common stock, $86,000; and retained earnings, $31,757.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gnorr ppofit Accounts payable $ 14,000 8,200 Accrued wages payable 30,000 Income taxes payable 38,150 2,600 149,300 $ 242,250 CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 456,600 297,750 158 850 Long-term note payable, secured by mortgage on plant assets Common stock Retained earnings Total liabilities and equity $ 18,500 3,600 4,000 65,400 86,000 64,750 $ 242,250
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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