XYZ Company Balance Sheet December 31, 20X2 Dec. 31, 20X2 Dec. 31, 20X1 Inc./Dec. Cash 25,000 22,000 3,000 Accounts Receivable 30,000 10,000 20,000 Inventories 23,000 19,000 4,000 Investments 15,000 40,000 (25,000) Land 60,000 60,000 Equipment 88,000 54,000 34,000 Accumulated depreciation-- Equipment (8,000) (5,000) 3,000 233,000 140,000 Accounts payable 16,000 18,000 (2,000) Accrued expenses 20,000 3,000 17,000 Dividends payable 25,000 14,000 11,000 Common stock 120,000 80,000 40,000 Paid-in capital in excess of par 20,000 15,000 5,000 Retained earnings 32,000 10,000 22,000 233,000 140,000 a. The investments were sold for $24,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $50,000 credit to Retained Earnings for net income. f. There was a $28,000 debit to Retained Earnings for cash dividends declared.

XYZ Company Balance Sheet December 31, 20X2 Dec. 31, 20X2 Dec. 31, 20X1 Inc./Dec. Cash 25,000 22,000 3,000 Accounts Receivable 30,000 10,000 20,000 Inventories 23,000 19,000 4,000 Investments 15,000 40,000 (25,000) Land 60,000 60,000 Equipment 88,000 54,000 34,000 Accumulated depreciation-- Equipment (8,000) (5,000) 3,000 233,000 140,000 Accounts payable 16,000 18,000 (2,000) Accrued expenses 20,000 3,000 17,000 Dividends payable 25,000 14,000 11,000 Common stock 120,000 80,000 40,000 Paid-in capital in excess of par 20,000 15,000 5,000 Retained earnings 32,000 10,000 22,000 233,000 140,000 a. The investments were sold for $24,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $50,000 credit to Retained Earnings for net income. f. There was a $28,000 debit to Retained Earnings for cash dividends declared.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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