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Presented below are the financial statements of Helwany Company.
HELWANY COMPANY Comparative Balance Sheets December 31
Assets
2012
2011
Cash
$ 35,000
$ 20,000
Accounts receivable
20,000
14,000
Inventory
28,000
Property, plant, and equipment
60,000
78,000
Accumulated depreciation
(32,000)
(24,000)
Total
$111,000
$108,000
Liabilities and Stockholders" Equity
Accounts payable
$ 19,000
$ 15,000
Income taxes payable
7,000
8,000
Bonds payable
17,000
33,000
Common stock
18,000
Retained earnings
50,000
38,000
HELWANY COMPANY Income Statement For the Year Ended December 31, 2012
Sales
$242,000
Cost of goods sold
175,000
Gross profit
67,000
Selling expenses
$18,000
Administrative expenses
6,000
24,000
Income from operations
43,000
Interest expense
3,000
Income before income taxes
40,000
Income tax expense
Net income
$ 32,000
Additional data:
1. Depreciation expense was $17,500.
2. Dividends declared and paid were $20,000.
3. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had accumulated depreciation of $9,500 at the time of sale.
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