Graded Quiz 12_ABC Company­_Statement of cash Flows

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Chapter 12 – Section 002 ame
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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.

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