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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
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
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