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Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp (Linc) for December 31, 20X4 and 20X3 Lincoln Corp. - Income Statement as of December 31st, 20x4 Revenue Cost of Goods Sold Gross Profit - Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 20X4 Assets Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation. Total Assets $5,000 $3,200 $1,800 $1,350 $450 $ $ $ 250 Lincoln Corp. - Balance Sheet Liabilities & Shareholders' Equity. Account Payable Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 12) Long term notes payable were issued The equity ratio at December 20X4 was: 20 180 M Additional Information for Lincoln Corp: 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new machine was purchased during the year for $1,200 11) Dividends were declared December 31 20x4 $ 2,350 $ $ 450 800 $ 40 $ 2,500 $(1,350) $ 4,790 $ 680 $ 210 120 $ $ 50 $ 300 $ 2,500 $ 930 $ 4,790 20X3 $ 1,800 $ 1,000 $ 700 80 $ $ 1,500 $(1,000) $ 4,080 $ 350 $ 100 0 100 70 $ $ $ $ 2,500 $ 960 $ 4,790

Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp (Linc) for December 31, 20X4 and 20X3 Lincoln Corp. - Income Statement as of December 31st, 20x4 Revenue Cost of Goods Sold Gross Profit - Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 20X4 Assets Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation. Total Assets $5,000 $3,200 $1,800 $1,350 $450 $ $ $ 250 Lincoln Corp. - Balance Sheet Liabilities & Shareholders' Equity. Account Payable Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 12) Long term notes payable were issued The equity ratio at December 20X4 was: 20 180 M Additional Information for Lincoln Corp: 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new machine was purchased during the year for $1,200 11) Dividends were declared December 31 20x4 $ 2,350 $ $ 450 800 $ 40 $ 2,500 $(1,350) $ 4,790 $ 680 $ 210 120 $ $ 50 $ 300 $ 2,500 $ 930 $ 4,790 20X3 $ 1,800 $ 1,000 $ 700 80 $ $ 1,500 $(1,000) $ 4,080 $ 350 $ 100 0 100 70 $ $ $ $ 2,500 $ 960 $ 4,790

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp (Linc) for December 31, 20X4 and 20X3 Lincoln Corp. Income Statement as of December 31st, 20x4 Revenue Cost of Goods Sold Gross Profit Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 20X4 Assets Cash Lincoln Corp. Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation Total Assets Liabilities & Shareholders' Equity Account Payable Additional Information for Lincoln Corp: $5,000 $3,200 $1,800 11) Dividends were declared $1,350 $ 450 12) Long term notes payable were issued The equity ratio at December 20X4 was: $ $ Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 20 180 $250 Balance Sheet - December 31 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new mechine was purchased during the year for $1,200 20X4 $ 2,350 $ $ 450 800 40 $ $ 2,500 $(1,350) $ 4,790 $ $ $ $ $ $ 2,500 $ 930 $ 4,790 20X3 $ 1,800 $ 1,000 $ 700 $ 80 $ 1,500 $(1,000) $ 4,080 680 $ 210 $ 350 100 120 $ 0 50 $ 100 300 $ 70 $ 2,500 $ 960 $4,790
Transcribed Image Text:Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp (Linc) for December 31, 20X4 and 20X3 Lincoln Corp. Income Statement as of December 31st, 20x4 Revenue Cost of Goods Sold Gross Profit Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 20X4 Assets Cash Lincoln Corp. Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation Total Assets Liabilities & Shareholders' Equity Account Payable Additional Information for Lincoln Corp: $5,000 $3,200 $1,800 11) Dividends were declared $1,350 $ 450 12) Long term notes payable were issued The equity ratio at December 20X4 was: $ $ Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 20 180 $250 Balance Sheet - December 31 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new mechine was purchased during the year for $1,200 20X4 $ 2,350 $ $ 450 800 40 $ $ 2,500 $(1,350) $ 4,790 $ $ $ $ $ $ 2,500 $ 930 $ 4,790 20X3 $ 1,800 $ 1,000 $ 700 $ 80 $ 1,500 $(1,000) $ 4,080 680 $ 210 $ 350 100 120 $ 0 50 $ 100 300 $ 70 $ 2,500 $ 960 $4,790
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