Question

Masterson Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 716,000 341,000 Cost of Goods Sold Gross Profit 375,000 Operating Expenses: Depreciation Expense $ 53,000 180,000 Other Operating Expenses Total Operating Expenses 233,000 $ 142,000 Net Income

Answer 1

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Date 2018 2018 Dec 31 Tuan-l u calculation of amceut o plant acquisition during the year plant Acquisition Account particulars | Amount Date particulars Amount Balance old $ 260,400 Asset Disposal $ 42300 $92,000 Balance c/d becsl cash $ 270,100 $312,400 $312,400 2) cakulation of the borrowing or payment of notes payable: The amount of payment made towards long-term notes payable = $66000-$58,000 = $ 8000 : The amount of payment made towards long- term noles payable is $ 8000 3) calculation of amount of common stock issued during the year it The amount of common sbock issued during the Year = $48000 - $35,000 - $13.000 .: The amount of common Block issued daring the Yeay is $13,000 4) Calculation of cash dividendy paid during the year: particulars Amount Opening balance of Retained earnings $226,500 Add: Net Income for the year $ 142,000 Less: closing balance of Retained earnings ($280,500) cash dividends paid during the year $88000