MASH Inc. Statement of Financial Position as at December 31, Current assets Cash Accounts receivable Inventory Land Building Accumulated depreciation, Building Equipment Accumulated depreciation, Equipment Current liabilities Accounts payable Unearned revenue Current portion of long-term debt Mortgage payable Common shares Retained earnings 2022 $48,000 60,000 95,000 203,000 750,000 1,200,000 -400,000 250,000 -110,000 $1,893,000 $80,000 30,000 40,000 150,000 440,000 250,000 1,053,000 $1,893,000 2021 $36,000 50,000 101,000 187,000 400,000 1,200,000 -350,000 300,000 -100,000 $1.637,000 $45,000 40,000 85,000 480,000 150,000 922,000 $1,637,000 MASH Inc. Statement of Income for the year ended December 31, Sales Cost of goods sold Gross margin Operating expenses Advertising and promotion Bank charges Depreciation (note 1) Insurance Interest Office Repairs and maintenance Telecommunications Utilities Operating income Other income (expenses) Loss on sale of equipment Net income before tax Income tax Net income 2022 $1,500,000 900,000 600,000 37,000 1,500 70,000 18,000 24,000 21,000 13,500 9,000 16,000 210,000 390,000 -25,000 365,000 55,000 $310,000 2021 $1,390,000 764,500 625,500 32,200 1,100 72,000 17,000 26,000 18,000 15,000 8,800 15,400 205,500 420,000 0 420,000 63,000 $357,000
MASH Inc. Statement of Financial Position as at December 31, Current assets Cash Accounts receivable Inventory Land Building Accumulated depreciation, Building Equipment Accumulated depreciation, Equipment Current liabilities Accounts payable Unearned revenue Current portion of long-term debt Mortgage payable Common shares Retained earnings 2022 $48,000 60,000 95,000 203,000 750,000 1,200,000 -400,000 250,000 -110,000 $1,893,000 $80,000 30,000 40,000 150,000 440,000 250,000 1,053,000 $1,893,000 2021 $36,000 50,000 101,000 187,000 400,000 1,200,000 -350,000 300,000 -100,000 $1.637,000 $45,000 40,000 85,000 480,000 150,000 922,000 $1,637,000 MASH Inc. Statement of Income for the year ended December 31, Sales Cost of goods sold Gross margin Operating expenses Advertising and promotion Bank charges Depreciation (note 1) Insurance Interest Office Repairs and maintenance Telecommunications Utilities Operating income Other income (expenses) Loss on sale of equipment Net income before tax Income tax Net income 2022 $1,500,000 900,000 600,000 37,000 1,500 70,000 18,000 24,000 21,000 13,500 9,000 16,000 210,000 390,000 -25,000 365,000 55,000 $310,000 2021 $1,390,000 764,500 625,500 32,200 1,100 72,000 17,000 26,000 18,000 15,000 8,800 15,400 205,500 420,000 0 420,000 63,000 $357,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education