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Problem - The balance sheet and income statement for a company are provided below, along with selected additional financial information.
Current Year
Prior Year
Balance Sheet
Cash
79,250
73,840
Accounts Receivable
18,820
24,185
Merchandise Inventory
15,354
6,976
Property and equipment
285,735
175,000
Accumulated Depreciation
(89,000)
(72,630)
Total Assets
310,159
207,371
Accounts Payable
8,500
18,200
Wages Payable
3,208
2,194
Notes payable, long-term
72,840
86,100
Contributed capital
84,255
65,980
Retained earnings
141,356
34,897
Total Liabilities and Stockholders' Equity
Income Statement
Sales
284,955
Cost of goods sold
91,357
Wages
32,187
Depreciation expense
16,370
Other Expense
22,358
Net income
122,683
Additional data:a) Purchased equipment for cash $100,735
b) Paid $13,260 on a long-term loan
c) Issued new shares of stock for $18,275 cash
d) Dividends of $16,224 were declared and paid.
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