Graded Quiz 12_ABC Company­_Statement of cash Flows

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Chapter 12 – Section 002 ame __________________________________

Graded Quiz 12 Section 002

ABC Company
Comparative Balance Sheet
As of December 31, 2013 and 2012
2013 2012 Change
Cash $33,000 $29,000
Accounts Receivable 35,000 28,000
Merchandise Inventory 41,000 38,000
Property, Plant, and Equipment 121,000 100,000
Less: Accumulated Depreciation (30000) (25,000)
Total Assets $200,000 $170,000
Accounts Payable $36,000 $27,000
Wages Payable 1,200 1,400
Notes Payable, Long-Term 38,000 44,000
Common Stock, $1 par 88,600 72,600
Retained Earnings 36,200 25,000
Total Liabilities and Stockholders’ Equity $200,000 $170,000
ABC Company
Income Statement
For the Year Ended December 31, 2013
Sales $120,000
Cost of Goods Sold (70,000)
Gross Margin 50,000
Wages Expense (20,000)
Office Expenses (6,800)
Payroll Taxes Expense (6,000)
Depreciation Expense (5,000)
Total Operating Exp (37,800)
Net Income $12,200

Additional Information:

  1. Bought equipment for cash, $21,000.
  2. Paid $6,000 on the long-term notes payable.
  3. Issued 16,000 new shares of stock at par.
  4. Declared and paid cash dividends of $1,000.
  5. 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
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