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The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is as follows:
1
Dec. 31, 2016
Dec. 31, 2015
2
Assets
3
Cash
$625,650.00
$586,340.00
4
Accounts receivable (net)
228,170.00
208,030.00
5
Inventories
641,480.00
617,130.00
6
Investments
0.00
240,290.00
7
Land
328,170.00
8
Equipment
706,070.00
552,300.00
9
Accumulated depreciation-equipment
(165,580.00)
(147,010.00)
10
Total assets
$2,363,960.00
$2,057,080.00
11
Liabilities and Stockholders' Equity
12
Accounts payable (merchandise creditors)
$424,300.00
$404,860.00
13
Accrued expenses payable (operating expenses)
41,850.00
52,880.00
14
Dividends payable
23,200.00
19,880.00
15
Common stock, $2 par
150,000.00
100,000.00
16
Paid-in capital: Excess of issue price over par-common stock
417,500.00
280,000.00
17
Retained earnings
1,307,110.00
1,199,460.00
18
Total liabilities and stockholders' equity
The income statement for the year ended December 31, 2016, is as follows:
Sales
$5,378,129.00
Cost of merchandise sold
3,306,510.00
Gross profit
$2,071,619.00
Operating expenses:
Depreciation expense
$18,570.00
Other operating expenses
1,755,879.00
Total operating expenses
1,774,449.00
Operating income
$297,170.00
Other income:
Gain on sale of investments
40,390.00
Income before income tax
$337,560.00
Income tax expense
133,650.00
Net income
$203,910.00
Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:
A. The investments were sold for $280,680 cash.B. Equipment and purchase of land were acquired for cash.C. There were no disposals of equipment during the year.D. The common stock was issued for cash.E. There was a $96,260 debit to Retained Earnings for cash dividends declared.
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