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Wescott Company Balance Sheets At December 31

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Wescott Company Balance Sheets At December 31;Assets;Cash...................................................;Accounts receivable, net............................;Merchandise inventory..............................;Prepaid expenses..................................... Equipment............................................. 280,600;?Accumulated depreciation-Equipment............ Total assets..............................................;Liabilities;Accounts payable.................................... Income taxes payable............................... Notes payable (long term)..........................;Total liabilities.......................................... Equity;Share Capital........................................ Share Premium...................................... Retained earnings...................................;Total equity............................................. Total liabilities and equity...........................;(80,600) $522,280;$ 52,850 15,240 59,200 $127,290;200,000 53,000 141,990 $394,990 $522,280;2011;2010;$ 65,200 56,750 144,850 12,680 245,600;(97,600) $427,480;$ 45,450 12,240 79,200 $136,890;150,000 40,000 100,590 $290,590 $427,480;$ 488,000;(368,200) 4,700;124,500;(41,100) $ 83,400;$ 85,600 72,850 157,750 6,080;?????????????????Wescott Company;Income Statement;For Year Ended December 31, 2011;?Sales................................................... Cost of goods sold............................ Depreciation expense.............................. Other operating expenses.....................;Interest expense...................................;Gain on sale of equipment............................... Income before taxes.................................... Income taxes expense...............................;Net income............................................;$212,540 43,000 106,260 6,400;?????.../;- 5 - ACC1002;Additional information;1. A $20,000 note payable is retired at its carrying amount in exchange for cash.;2. The only changes affecting retained earnings are net income and cash dividends paid. Cash dividends paid is to be classified under financing activities.;3. New equipment is acquired for $120,000 cash.;4. Received cash for the sale of equipment that had cost $85,000, yielding a gain of $4,700. 5. Prepaid expenses relate to Other operating expenses on the income statement.;6. Interest paid is to be classified under operating activities.

 

Paper#79742 | Written in 18-Jul-2015

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