Busi 1004- ICP-Ch. 1

Busi 1004- ICP-Ch. 1 - Long-term Investments $ 10,000 Land...

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ICP 1-1 Noble Corporation Statement of Income for the year ended December 31, 20x8 Sales $950,000 Cost of goods sold 500,000 Gross profit 450,000 Expenses Depreciation 68,000 Insurance 16,800 Miscellaneous 6,000 Office Supplies 5,600 Rent 96,000 Salaries 165,000 Interest expense 20,000 377,400 Operating income 72,600 Interest revenue 15,000 Net income before taxes 87,600 Income tax expense 35,000 Net income $52,600
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ICP 1-2 Harrison Corporation Statement of Financial Position as at December 31, 20x5 ASSETS Long-Term Assets
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Unformatted text preview: Long-term Investments $ 10,000 Land 25,000 Cost Accumulated Depreciation Building $140,000 35,000 105,000 Equipment 56,000 15,000 41,000 Patents 30,000 211,000 Current Assets Cash 11,000 Accounts receivable 26,000 Inventory 46,000 Office supplies 4,500 87,500 $298,500 SHAREHOLDERS EQUITY & LIABILITIES Shareholders Equity Capital Stock $ 50,000 Retained Earnings 141,000 191,000 Long-Term Debt 80,000 Current liabilities Accounts payable 22,500 Interest payable 1,500 Salaries payable 3,500 27,500 $298,500...
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Busi 1004- ICP-Ch. 1 - Long-term Investments $ 10,000 Land...

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