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Graded Quiz 12_ABC Company?_Statement of cash Flows

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Question;Chapter 12 ? Section 002 ame;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;Bought equipment for;cash, $21,000.;Paid $6,000 on the;long-term notes payable.;Issued 16,000 new;shares of stock at par.;Declared and paid;cash dividends of $1,000.;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.

 

Paper#37416 | Written in 18-Jul-2015

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