Chapter 12 – Section 002 ame __________________________________
Graded Quiz 12 Section 002
|Comparative Balance Sheet|
|As of December 31, 2013 and 2012|
|Property, Plant, and Equipment||121,000||100,000|
|Less: Accumulated Depreciation||(30000)||(25,000)|
|Notes Payable, Long-Term||38,000||44,000|
|Common Stock, $1 par||88,600||72,600|
|Total Liabilities and Stockholders’ Equity||$200,000||$170,000|
|For the Year Ended December 31, 2013|
|Cost of Goods Sold||(70,000)|
|Payroll Taxes Expense||(6,000)|
|Total Operating Exp||(37,800)|
- Bought equipment for cash, $21,000.
- Paid $6,000 on the long-term notes payable.
- Issued 16,000 new shares of stock at par.
- Declared and paid cash dividends of $1,000.
- Accounts Payable includes only inventory purchases made on account. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.Click here to have a similar paper done for you by one of our writers within the set deadline at a discounted