FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity CULVER INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense Net income $11.400 2.000 Adjustments to reconcile net income to $335,575 173.200 162.375 $314,000 119,100 43.275 9,400 33.875 6,775 30.000 $27.100 58.200 CULVER INC. Statement of Cash Flows 30,000 37,100 $295.500
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Transcribed Image Text:Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity CULVER INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense Net income $11.400 2.000 Adjustments to reconcile net income to $335,575 173.200 162.375 $314,000 119,100 43.275 9,400 33.875 6,775 30.000 $27.100 58.200 CULVER INC. Statement of Cash Flows 30,000 37,100 $295.500
Cash CULVER INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 $6,100 61,900 Accounts receivable. Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par 34,800 39,900 4,900 155,500 (34,800 ) 45,700 $314,000 $46,200 4,000 7,900 7,900 59,800 100,000 12/31/19 $6,900 50,500 18,200 59,800 4,000 131.200 (25,300 ) 50,200 $295,500 $39,700 6,100 4,000 10,000 68,600 100,000
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Transcribed Image Text:Cash CULVER INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 $6,100 61,900 Accounts receivable. Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par 34,800 39,900 4,900 155,500 (34,800 ) 45,700 $314,000 $46,200 4,000 7,900 7,900 59,800 100,000 12/31/19 $6,900 50,500 18,200 59,800 4,000 131.200 (25,300 ) 50,200 $295,500 $39,700 6,100 4,000 10,000 68,600 100,000
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