assets ceen accounts recehvable net merchandise inventory prepald expenses equipment accumulated

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Question

Assets Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Equipment Accumulated depreciation - equipment Total assets Dec. 31, 2016 Dec. 31, 2015 $51,130 $62,460 $78,560 $84,200 $112,230 $104,350 $4,570 $3,160 $228,610 $186,970 ($59,440) ($45,850) $415,660 $395,290 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Paid-in capital: Excess of par Retained earnings Total liabilities and stockholders' equity Dec. 31, 2016 Dec. 31, 2015 $87,290 $82,620 $0 $118,590 $13,000 $0 $186,000 $111,000 $129,370 $75,080 $415,660 $395,290 Additional information for the year 2016: a. Net income: $138,980. b. Depreciation reported on the income statement: $29,110. c. Equipment was purchased at a cost of $57,160, and fully depreciated equipment costing $15,520 was discarded. d. The mortgage note payable was not due until 2018, but the terms permitted earlier payment without penalty and no salvage realized. e. 5,000 shares of common stock were issued at $16 for cash. f. Cash dividends declared and paid: $84,590.

          Assets
Cash
Accounts receivable (net)
Merchandise inventory
Prepaid expenses
Equipment
Accumulated depreciation - equipment
Total assets

Dec. 31, 2016
Dec. 31, 2015
$51,130
$62,460
$78,560
$84,200
$112,230
$104,350
$4,570
$3,160
$228,610
$186,970
($59,440)
($45,850)
$415,660
$395,290

Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)
Mortgage note payable
Common stock, $1 par
Paid-in capital: Excess of par
Retained earnings
Total liabilities and stockholders' equity

Dec. 31, 2016
Dec. 31, 2015
$87,290
$82,620
$0
$118,590
$13,000
$0
$186,000
$111,000
$129,370
$75,080
$415,660
$395,290

Additional information for the year 2016:
a. Net income: $138,980.
b. Depreciation reported on the income statement: $29,110.
c. Equipment was purchased at a cost of $57,160, and fully depreciated equipment costing $15,520 was discarded.
d. The mortgage note payable was not due until 2018, but the terms permitted earlier payment without penalty and no salvage realized.
e. 5,000 shares of common stock were issued at $16 for cash.
f. Cash dividends declared and paid: $84,590.

assets ceen accounts recehvable net merchandise inventory prepald expenses equipment accumulated depredation equipment total dec312016 dec312015 ovomre 51130 78560 112230 4570 228610 59440 4 07415

Added by Jim W.

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