FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Worldwide Corp.'s
|
|
December 31, |
|
|
2023 |
| | | 2022 |
Assets
| Cash | $440,000 | $160,000 |
| Short-term investments | 800,000 | – |
| 1,150,000 | 1,270,000 |
| Inventory | 1,130,000 | 1,000,000 |
| Long-term investments | 400,000 | 600,000 |
| Plant assets | 3,100,000 | 2,000,000 |
| (700,000) | (900,000) |
| Patent | 280,000 | 300,000 |
| | Total assets | $6,620,000 | $4,430,000 |
Liabilities and Equity
| Accounts payable | $1,580,000 | $1,320,000 |
| Other accrued liabilities | 200,000 | 250,000 |
| Notes payable (nontrade) | 560,000 | – |
| Common Stock-$10 par | 1,600,000 | 1,400,000 |
| Additional paid-in capital | 800,000 | 500,000 |
| 1,880,000 | 960,000 |
| | Total equity and liabilities | $6,620,000 | $4,430,000 |
Information relating to 2023 activities:
•Net income for 2023 was $1,220,000. This amount includes net sales revenue of $4,540,000 and cost of goods sold of $2,100,000.
•Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2023 for $360,000.
•A long-term investment was sold in 2019 for $345,000. There were no other transactions affecting long-term investments in 2023.
•20,000 ordinary shares were issued in 2023 for $25 a share.
•Short-term investments consist of treasury bills maturing on 9/30/24.
Compute cash collected from customers.
SAVE
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