FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The accounts below appear in the ledger of Anita Baker Company.
| Dr. | Cr. | Bal. | ||
| Jan. 1, 2020 | Credit Balance | $ 42,000 | ||
| Aug. 15 | Dividends (cash) | $15,000 | 27,000 | |
| Dec. 31 | Net Income for 2020 | $40,000 | 67,000 | |
| Equipment | Dr. | Cr. | Bal. | |
| Jan. 1, 2020 | Debit Balance | $140,000 | ||
| Aug. 3 | Purchase of Equipment | $62,000 | 202,000 | |
| Sept. 10 | Cost of Equipment Constructed | 48,000 | 250,000 | |
| Nov. 15 | Equipment Sold | $56,000 | 194,000 | |
Equipment |
Dr. | Cr. | Bal. | |
| Jan. 1, 2020 | Credit Balance | $ 84,000 | ||
| Apr. 8 | Major Repairs | $21,000 | 63,000 | |
| Nov. 15 | Accum. Depreciation on Equipment Sold |
25,200 | 37,800 | |
| Dec. 31 | Depreciation for 2020 | $16,800 | 54,600 |
Instructions
From the postings in the accounts above, indicate how the information is reported on a statement of
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