Oakley
Company Comparative Balance Sheets December 31 |
||||||
Assets | 2020 | 2019 | ||||
Cash | $84,200 | $47,000 | ||||
Accounts receivable | 91,200 | 56,800 | ||||
Inventory | 124,600 | 102,200 | ||||
Investments | 83,200 | 85,000 | ||||
Equipment | 256,000 | 204,000 | ||||
Accumulated depreciation—equipment | (50,000 | ) | (40,000 | ) | ||
$589,200 | $455,000 | |||||
Liabilities and Stockholders’ Equity | ||||||
Accounts payable | $58,400 | $48,700 | ||||
Accrued expenses payable | 12,300 | 18,600 | ||||
Bonds payable | 101,000 | 71,000 | ||||
Common stock | 249,000 | 201,000 | ||||
Retained earnings | 168,500 | 115,700 | ||||
$589,200 | $455,000 |
Oakley
Company Income Statement For the Year Ended December 31, 2020 |
||||
Sales revenue | $293,400 | |||
Gain on disposal of plant assets | 8,000 | |||
301,400 | ||||
Less: | ||||
Cost of goods sold | $99,600 | |||
Operating expenses (excluding depreciation expense) | 13,400 | |||
Depreciation expense | 49,200 | |||
Income tax expense | 7,200 | |||
Interest expense | 2,800 | 172,200 | ||
Net income | $129,200 |
Additional information:
1. | Equipment costing $94,000 was purchased for cash during the year. | |
2. | Investments were sold at cost. | |
3. | Equipment costing $42,000 was sold for $10,800, resulting in gain of $8,000. | |
4. | A cash dividend of $76,400 was declared and paid during the year. |
Assets | 2019 | Debit | Credit | 2020 | ||
Cash | $ 47,000.00 | $ 37,200.00 | $ 84,200.00 | |||
Accounts Receivable | $ 56,800.00 | $ 34,400.00 | $ 91,200.00 | |||
Inventory | $ 1,02,200.00 | $ 22,400.00 | $ 1,24,600.00 | |||
Investments | $ 85,000.00 | $ 1,800.00 | $ 83,200.00 | |||
Equipment | $ 2,04,000.00 | $ 94,000.00 | $ 42,000.00 | $ 2,56,000.00 | ||
Accumulated Depreciation | $ -40,000.00 | $ 39,200.00 | $ 49,200.00 | $ -50,000.00 | ||
$ 4,55,000.00 | $ 5,89,200.00 | |||||
Liabilities and Stockholder's Equity | ||||||
Accounts Payable | $ 48,700.00 | $ 9,700.00 | $ 58,400.00 | |||
Accrued Expense Payable | $ 18,600.00 | $ 6,300.00 | $ 12,300.00 | |||
Bonds Payable | $ 71,000.00 | $ 30,000.00 | $ 1,01,000.00 | |||
Common Stock | $ 2,01,000.00 | $ 48,000.00 | $ 2,49,000.00 | |||
Retained Earnings | $ 1,15,700.00 | $ 76,400.00 | $ 1,29,200.00 | $ 1,68,500.00 | ||
Total | $ 4,55,000.00 | $ 3,09,900.00 | $ 3,09,900.00 | $ 5,89,200.00 |
Workings:
Equipment | |||
Beg. Bal. | $ 2,04,000.00 | Disposal | $ 42,000.00 |
Cash | $ 94,000.00 | End. Bal. | $ 2,56,000.00 |
$ 2,98,000.00 | $ 2,98,000.00 | ||
Accumulated Depreciation | |||
Disposal | $ 39,200.00 | Beg. Bal. | $ 40,000.00 |
End. Bal. | $ 50,000.00 | Depreciation | $ 49,200.00 |
$ 89,200.00 | $ 89,200.00 | ||
Disposal | |||
Equipment | $ 42,000.00 | Accu. Dep | $ 39,200.00 |
Gain | $ 8,000.00 | Cash | $ 10,800.00 |
$ 50,000.00 | $ 50,000.00 |
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Oakley Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $84,200 $47,000 Accounts receivable 91,200...
Oakley Company Comparative Balance Sheets December 31 Assets 2020 Cash $81,800 Accounts receivable 92,400 Inventory 126,800 Investments 85,700 Equipment 258,000 Accumulated depreciation-equipment (49,900) $594,800 2019 $47,700 57,700 101,100 86,000 208,000 (40,000 $460,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $57,000 12,000 101,000 245.000 179,800 $594,800 $49.000 18,700 71,000 201,000 120,800 $460,500 Oakley Company Income Statement For the Year Ended December 31, 2020 Sales revenue Gain on disposal of plant assets $301,800 8,700...
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Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends of $45,500 were declared and paid.
3.
Bonds...
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends of $45,500 were declared and paid.
3.
Bonds...
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