Académique Documents
Professionnel Documents
Culture Documents
Less :
Cost of good sold 135,460
Operating expense ( excluding depreciation) 12,410
Depreciation expense 45,000
Income tax expense 27,280
Interest expense 4,730
224,880
Net Income 172,900
Additional Information :
1. New equipment costing 80.000 was purchased for cash during the year
2. Old equipment having an original cost 57.500 and accumulated depreciation of 50.000 was sold for 12.500 cash
3. Bonds payable matured and were paid off at face value for cash
4. A cash dividend 43.900was declared and paid during the year
sold for 12.500 cash
ABC Company
Comparative Statement of Financial Position
December 31
Assets 2018 2017
Equipment 265,000 242,500 22,500
Accum. Depreciation - equipment (47,000) (52,000) 5,000
Long-term investment 140,000 114,000 26,000
Prepaid expense 29,300 26,000 3,300
Inventory 112,500 102,850 9,650
Account Receivable 92,800 33,000 59,800
Cash 100,350 48,400 51,950
Total 692,950 514,750
Less :
Cost of good sold 135,460
Operating expense ( excluding depreciation) 12,410
Depreciation expense 45,000
Income tax expense 27,280
Interest expense 4,730
224,880
Net Income 172,900
Additional Information :
1. New equipment costing 80.000 was purchased for cash during the year
2. Old equipment having an original cost 57.500 and accumulated depreciation of 50.000 was sold for 12.500 cash
3. Bonds payable matured and were paid off at face value for cash
4. A cash dividend 43.900was declared and paid during the year
ABC Company
Statement of Cash Flow
For the Year Ended Dec 31, 2018