Can you please show me the solution step by step

Assignment Help Accounting Basics

Reference no: EM131023574

Can you please show me the solution step by step and also included the whole calculation ; i need to understand the solution to solve another one on my own ,

	2012	2011
Assets	78700	33400
Cash	72790	37000
Accounts Receivable	121900	102650
Long Term Investments	89500	107000
Plant Assets	320000	205000
Accumulated Depreciation	49500	40000
Total	633570	445050

Liabilities&Stockholders Equity
Accounts Payable	57700	48280
Accrued Expense Payable	15100	18830
Bonds Payable	140000	70000
Common Stock	250000	200000
Retained Earnings	170770	107940
Total	633570	445050

CADET COMPANY Income Statement Data December 31 2012
CADET COMPANY Income Statement Data December 31 2012
Sales		294500
Gain on Sale of plant assets		3000
		297500

Less:
COGS	104460
Operating Expenses, excluding deppreciation expense	14670
Deppreciation Expense	35500
Income Taxes	32100
Interest Expense	2940	189670
Net Income		107830


1) New plant assets costing 151000 $ were purchased for cash during the year
2)Investments were sold at cost
3)Plant assets costing 36000 $ and accumulated deppreciation of 26000 $ were sold for 13000 $
4)A cash dividend of 45000 $ was declared and paid during the year

Reference no: EM131023574

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