FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Swasey Company provided the following partial comparative
statement for 20X2
Required:
Compute operating
Transcribed Image Text:Swasey Company
Comparative Balance Sheets
At December 31, 20x1 and 20X2
20X1
20X2
Current assets:
Accounts receivable
$1,500,000
$1,165,000
Inventories
600,000
640,000
Current liabilities:
Wages payable
1,400,000
1,030,000
Swasey Company
Income Statement
For the Year Ended December 31, 20X2
Revenues
$ 6,000,000
Gain on sale of equipment
Cost of goods sold
Depreciation expense
200,000
(3,840,000)
(540,000)
(20,000)
$ 1,800,000
Interest expense
Net income
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