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Business
Accounting
Accounts payable 1200000 790000 Income taxes payable 220000 100000 Bonds payable 1350000 1350000 10% Preferred stock, $50 par 2000000 2000000 Common stock, $10 par 2350000 1750000 Paid-in capital in excess of par 1600000 1400000 Retained earnings 5030000 3605000 Net credit sales 12850000 Cost of goods sold 8450000 Operating expenses 2700000 Net income 1700000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1240000. On May 1, 20 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared dur The book value per share of common stock at 12/31/26 is computed as follows: $8780000 $235000. $8980000 $213000. $8780000 $213000. $8745000 $235000.

Accounts payable 1200000 790000 Income taxes payable 220000 100000 Bonds payable 1350000 1350000 10% Preferred stock, $50 par 2000000 2000000 Common stock, $10 par 2350000 1750000 Paid-in capital in excess of par 1600000 1400000 Retained earnings 5030000 3605000 Net credit sales 12850000 Cost of goods sold 8450000 Operating expenses 2700000 Net income 1700000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1240000. On May 1, 20 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared dur The book value per share of common stock at 12/31/26 is computed as follows: $8780000 $235000. $8980000 $213000. $8780000 $213000. $8745000 $235000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounts payable 1200000 790000 Income taxes payable 220000 100000 Bonds payable 1350000 1350000 10% Preferred stock, $50 par 2000000 2000000 Common stock, $10 par 2350000 1750000 Paid-in capital in excess of par 1600000 1400000 Retained earnings 5030000 3605000 Net credit sales 12850000 Cost of goods sold 8450000 Operating expenses 2700000 Net income 1700000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1240000. On May 1, 20 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared dur The book value per share of common stock at 12/31/26 is computed as follows: $8780000 $235000. $8980000 $213000. $8780000 $213000. $8745000 $235000.
Transcribed Image Text:Accounts payable 1200000 790000 Income taxes payable 220000 100000 Bonds payable 1350000 1350000 10% Preferred stock, $50 par 2000000 2000000 Common stock, $10 par 2350000 1750000 Paid-in capital in excess of par 1600000 1400000 Retained earnings 5030000 3605000 Net credit sales 12850000 Cost of goods sold 8450000 Operating expenses 2700000 Net income 1700000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1240000. On May 1, 20 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared dur The book value per share of common stock at 12/31/26 is computed as follows: $8780000 $235000. $8980000 $213000. $8780000 $213000. $8745000 $235000.
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