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Problem - Samson Inc. purchased equipment for $62,000 cash, sold equipment costing $36,000 with a book value of $22,000 at a loss, and declared dividends during 2016. No new notes payable were issued during the year.
Dec. 31, 2016
Dec. 31, 2015
Change
2016
Cash
$44,600
$43,000
$1,600
Sales revenue
$850,000
Accounts receivable
31,200
13,800
17,400
Cost of sales
425,000
Inventory
28,000
21,000
7,000
Salaries expense
135,000
Equipment
180,000
154,000
Depreciation expense
18,000
Accum. depreciation
-46,000
-42,000
1,000
Interest expense
3,500
Accounts payable
25,400
36,400
-11,000
Loss on sale of equipment
3,000
Unearned revenue
16,200
21,200
-5,000
Income taxes expense
44,000
Accrued salaries
8,800
-1,800
Net income
$221,500
Taxes payable
11,600
8,000
3,600
Long-term notes pay.
37,000
55,000
-18,000
Common stock
90,000
62,000
Retained earnings
50,600
32,400
18,200
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