FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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62.) Using Financial Statements for 2018-2019. The amount of shares of preferred stock for 2019 is 10,959.90.

TRUE OR FALSE?

 

**Balance Sheet and Income Statement Overview (2018-2019)**

---

**Balance Sheet**

**Assets:**

1. **Current Assets:**
   - Cash: 
     - 2019: $5,100,000 
     - 2018: $4,900,000
   - Marketable Securities: 
     - 2019: $102,000 
     - 2018: $98,000
   - Accounts Receivable: 
     - 2019: $1,632,000 
     - 2018: $1,568,000
   - Inventories: 
     - 2019: $2,856,000 
     - 2018: $2,744,000
   - **Total Current Assets:**
     - 2019: $9,690,000
     - 2018: $9,310,000

2. **Fixed Assets:**
   - Property, Plant, & Equipment: 
     - 2019: $3,264,000 
     - 2018: $3,136,000
   - Other Fixed Assets: 
     - 2019: $2,703,000 
     - 2018: $2,597,000
   - **Total Fixed Assets:**
     - 2019: $5,733,000
     - 2018: $5,733,000

3. **Total Assets:**
   - 2019: $15,657,000
   - 2018: $15,043,000

**Liabilities and Equity:**

1. **Liabilities:**
   - Current Liabilities:
     - Accounts Payable: 
       - 2019: $1,878,840 
       - 2018: $1,805,160
     - Notes Payable: 
       - 2019: $1,722,270 
       - 2018: $1,654,730
     - Accrued Expenses Payable: 
       - 2019: $1,409,130 
       - 2018: $1,353,870
     - Accrued Taxes Payable: 
       - 2019: $1,252,560 
       - 2018: $1,203,440
     - **Total Current Liabilities:**
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Transcribed Image Text:**Balance Sheet and Income Statement Overview (2018-2019)** --- **Balance Sheet** **Assets:** 1. **Current Assets:** - Cash: - 2019: $5,100,000 - 2018: $4,900,000 - Marketable Securities: - 2019: $102,000 - 2018: $98,000 - Accounts Receivable: - 2019: $1,632,000 - 2018: $1,568,000 - Inventories: - 2019: $2,856,000 - 2018: $2,744,000 - **Total Current Assets:** - 2019: $9,690,000 - 2018: $9,310,000 2. **Fixed Assets:** - Property, Plant, & Equipment: - 2019: $3,264,000 - 2018: $3,136,000 - Other Fixed Assets: - 2019: $2,703,000 - 2018: $2,597,000 - **Total Fixed Assets:** - 2019: $5,733,000 - 2018: $5,733,000 3. **Total Assets:** - 2019: $15,657,000 - 2018: $15,043,000 **Liabilities and Equity:** 1. **Liabilities:** - Current Liabilities: - Accounts Payable: - 2019: $1,878,840 - 2018: $1,805,160 - Notes Payable: - 2019: $1,722,270 - 2018: $1,654,730 - Accrued Expenses Payable: - 2019: $1,409,130 - 2018: $1,353,870 - Accrued Taxes Payable: - 2019: $1,252,560 - 2018: $1,203,440 - **Total Current Liabilities:**
Expert Solution
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Step 1

The organization can raise their fund using different resources and preferred stock are one of them. Preferred stockholders are eligible to get a fixed percentage of dividends.

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