FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Comparative
METAGROBOLIZE INDUSTRIES | ||
Comparative Balance Sheets | ||
December 31, 2024 and 2023 | ||
($ in thousands) | ||
2024 | 2023 | |
---|---|---|
Assets | ||
Cash | $ 450 | $ 160 |
490 | 260 | |
Inventory | 640 | 385 |
Land | 650 | 590 |
Building | 800 | 800 |
Less: |
(250) | (230) |
Equipment | 2,850 | 2,570 |
Less: Accumulated depreciation | (472) | (440) |
Patent | 1,700 | 1,950 |
$ 6,858 | $ 6,045 | |
Liabilities | ||
Accounts payable | $ 740 | $ 440 |
Accrued liabilities | 220 | 155 |
Lease liability—land | 130 | 0 |
Shareholders' Equity | ||
Common stock | 2,600 | 2,500 |
Paid-in capital—excess of par | 600 | 515 |
2,568 | 2,435 | |
$ 6,858 | $ 6,045 |
METAGROBOLIZE INDUSTRIES | ||
Income Statement | ||
For the Year Ended December 31, 2024 | ||
($ in thousands) | ||
Revenues | ||
---|---|---|
Sales revenue | $ 2,839 | |
Gain on sale of land | 65 | $ 2,904 |
Expenses | ||
Cost of goods sold | 940 | |
Depreciation expense—building | 20 | |
Depreciation expense—equipment | 356 | |
Loss on sale of equipment | 10 | |
Amortization of patent | 250 | |
Operating expenses | 600 | 2,176 |
Net income | $ 728 |
Additional information from the accounting records:
- Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024.
- During 2024, equipment with a cost of $360,000 (90%
depreciated ) was sold. - The statement of shareholders’ equity reveals reductions of $185,000 and $410,000 for stock dividends and cash dividends, respectively.
Required:
Prepare the statement of
Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.
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