Arch Associates reports the following comparative balance sheets and income statement information. Arch Associates Comparative Balance Sheets Cash Accounts receivable Prepaid insurance Inventory Property, plant and equipment Total assets Accounts payable Salaries payable Long term notes payable Stockholders' equity Total liabilities and equity 12/31/Year 12/31/Year 1 2 $26,000 12,000 12,000 6,000 14,000 $70,000 $16,000 8,000 14,000 32,000 $70,000 $16,000 8,000 14,000 10,000 16,000 $64,000 $12,000 14,000 16,000 22,000 $64,000

Arch Associates reports the following comparative balance sheets and income statement information. Arch Associates Comparative Balance Sheets Cash Accounts receivable Prepaid insurance Inventory Property, plant and equipment Total assets Accounts payable Salaries payable Long term notes payable Stockholders' equity Total liabilities and equity 12/31/Year 12/31/Year 1 2 $26,000 12,000 12,000 6,000 14,000 $70,000 $16,000 8,000 14,000 32,000 $70,000 $16,000 8,000 14,000 10,000 16,000 $64,000 $12,000 14,000 16,000 22,000 $64,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 11MCQ

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