Question

Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019.

Long-term investments Notes payable, long-term Prepaid insurance Wages payable Common Stock Equipment Land Interest payable Interest expense Income tax payable Cost of goods sold Cash Accounts payable Buildings Accumulated depreciation Dividends General and administrative expenses Accounts receivable Inventory Notes payable, current portion Selling expenses Trademarks Sales revenue Income tax expense Supplies Retained earnings, Jan. 1, 2019

$26,250 208,500 5,250 13,500 225,000 183,750 26,250 10,500 18,750 4,500 109,500 12,000 16,500 309,000 123,000 12,750 72,000 8,250 46,500 7,500 35,250 9,750 267,750 10,500 9,750 18,750

(Hint: Prepare the financial statements.)

Determine the amount of each of the following items from the data presented above:

Net income:

Current assets:

Long-Term investments:

Property, plant and, equipment (net):

Intangible assets:

Total assets:

Current liabilities:

Long-term liabilities:

Total liabilities:

Working capital:

Total stockholders' equity:

Retained earnings (12/31/19): 27,750

Total liabilities and stockholders' equity:

Answer 1

1 NET INCOME 2 CURRENT ASSETS 3 LONG TERM INVESTMENTS 4 PROPERTY,PLANT AND EQUIPMENT 5 INTANGIBLE ASSETS 6 TOTAL ASSETS 7 CURRENT LIABILITITES 8 LONG TERM LIABILITIES 9 TOTAL LIABILITIES 10 WORKING CAPITAL 11 TOTAL STOCKHOLDER EQUITY 12 TOTAL LIABILITIES AND STOCKHOLDER EQUITY 12000 72000 26250 396000 9750 504000 52500 208500 261000 19500 243000 504000