NASH'S LTD. Statement of Income For the year ended June 30, 2024 Sales revenue Cost of goods sold Gross profit Expenses Wages expense Depreciation expense Rent expense Income tax expense Operation income Gain on sale of equipment Net income dditional information: $63,000 18,500 16,000 15,500 $400,000 210,000 190,000 113,000 77,000 5,000 $82,000 Assets Current assets: Cash NASH'S LTD. Statement of Financial Position As at June 30 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation, equipment Land Liabilities and shareholders' equity Current liabilities Accounts payable Dividends payable Total current liabilities Bank loan payable Common shares Retained earnings 2024 $63,000 94,800 82,500 240,300 153,000 (33,500) 163,000 $45,000 15,000 60,000 114,500 2023 163,000 185,300 $43,000 63,000 98,500 204,500 113,000 (29,000) $522,800 $488,500 200,000 $70,000 5,000 75,000 163,000 108,000 142,500 1. Land was sold at cost and none was purchased during the year. 2. In January, Nash sold for cash equipment that had an original cost of $25,000 and a net carrying amount of $11,000. $522,800 $488,500
NASH'S LTD. Statement of Income For the year ended June 30, 2024 Sales revenue Cost of goods sold Gross profit Expenses Wages expense Depreciation expense Rent expense Income tax expense Operation income Gain on sale of equipment Net income dditional information: $63,000 18,500 16,000 15,500 $400,000 210,000 190,000 113,000 77,000 5,000 $82,000 Assets Current assets: Cash NASH'S LTD. Statement of Financial Position As at June 30 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation, equipment Land Liabilities and shareholders' equity Current liabilities Accounts payable Dividends payable Total current liabilities Bank loan payable Common shares Retained earnings 2024 $63,000 94,800 82,500 240,300 153,000 (33,500) 163,000 $45,000 15,000 60,000 114,500 2023 163,000 185,300 $43,000 63,000 98,500 204,500 113,000 (29,000) $522,800 $488,500 200,000 $70,000 5,000 75,000 163,000 108,000 142,500 1. Land was sold at cost and none was purchased during the year. 2. In January, Nash sold for cash equipment that had an original cost of $25,000 and a net carrying amount of $11,000. $522,800 $488,500
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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 4 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
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning