1. 2 3 Show Transcribed Text 4 5. Show Transcribed Text 6. Additional information: 7. 8 The following information is provided for Ivanhoe Chocolate Corp, which reports under ASPE: 9. Assets 10. Cash 11. Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable IVANHOE CHOCOLATE CORP. Balance Sheet May 31 2024 $34,170 3 95,205 195,800 5,830 141.000 344,000 (78,320) $737,685 Liabilities and Shareholders' Equity Accounts payable Dividends payable Income tax payable Mortgage payable 137,500 Common shares 237,100 Retained earnings 306,710 Total liabilities and shareholders' equity $737,685 $46,145 7.490 $46,145 7,480 2,750 C C 2023 $49,775 No equipment was sold during 2024. Net sales for the year were $741,000. Cost of goods sold for the year was $439,800. Operating costs, including depreciation expense, were $107,500. Interest expense was $5,830. Income tax expense was $41.665. Accounts payable is used for merchandise purchases. 84,975 174,075 84,000 212,000 7,480 (42,075) $570,230 $42.075 593 $42.075 5,830 6.930 86,075 180,700 248,620 $570,230 Profit for 2024 was $124,975. Common shares were issued for $56,400. Land with a cost of $56,400 was sold at a loss of $21,230. Purchased land with a cost of $113,400 with a $61,975 down payment and financed the remainder with a mortgage note payable.
1. 2 3 Show Transcribed Text 4 5. Show Transcribed Text 6. Additional information: 7. 8 The following information is provided for Ivanhoe Chocolate Corp, which reports under ASPE: 9. Assets 10. Cash 11. Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity Accounts payable IVANHOE CHOCOLATE CORP. Balance Sheet May 31 2024 $34,170 3 95,205 195,800 5,830 141.000 344,000 (78,320) $737,685 Liabilities and Shareholders' Equity Accounts payable Dividends payable Income tax payable Mortgage payable 137,500 Common shares 237,100 Retained earnings 306,710 Total liabilities and shareholders' equity $737,685 $46,145 7.490 $46,145 7,480 2,750 C C 2023 $49,775 No equipment was sold during 2024. Net sales for the year were $741,000. Cost of goods sold for the year was $439,800. Operating costs, including depreciation expense, were $107,500. Interest expense was $5,830. Income tax expense was $41.665. Accounts payable is used for merchandise purchases. 84,975 174,075 84,000 212,000 7,480 (42,075) $570,230 $42.075 593 $42.075 5,830 6.930 86,075 180,700 248,620 $570,230 Profit for 2024 was $124,975. Common shares were issued for $56,400. Land with a cost of $56,400 was sold at a loss of $21,230. Purchased land with a cost of $113,400 with a $61,975 down payment and financed the remainder with a mortgage note payable.
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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