acc545_r4_los_lobos - 20,400 61,200 $-$-Additional...

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Los Lobos Ledger ACC/545 Version 4 1 University of Phoenix Material Los Lobos Ledger Data 12-31 2007 2006 Cash $ 35,000 $ 32,000 Accounts receivable 33,000 30,000 Allowance for doubtful accounts (1,300) (1,100) Inventory 31,000 47,000 Property, plant, & equipment 100,000 95,000 Accumulated depreciation (16,500) (15,000) Trade accounts payable (25,000) (15,500) Income taxes payable (21,000) (29,100) Deferred income taxes (5,300) (4,600) 8% callable bonds payable (45,000) (20,000) Unamortized bond discount 4,500 5,000 Common stock (50,000) (40,000) Additional paid-in capital (9,100) (7,500) Retained earnings (25,200) (64,600) Sales (558,300) (778,700) Cost of goods sold 250,000 380,000 Selling expenses 141,500 172,000 General and administrative expenses 137,000 151,300 Interest expense 4,300 2,600 Income tax expense
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Unformatted text preview: 20,400 61,200 $ -$ -Additional information: 1. Los Lobos purchased $5,000 in equipment during 2007. 2. Los Lobos allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. 3. Bad debt expense for 2007 was $5,000, and write-offs of uncollectible accounts totaled $4,800. 4. $12,000 of the debt is current portion. Cash Sales $72,600 Collections on Receivables 477,900 Purchases (219,500) Los Lobos Ledger ACC/545 Version 4 2 Purchase of Equipment (5,000) Wages (150,700) Payments to Suppliers (126,300) Tax Payments (27,800) Borrowing 30,000 Repayment of Debt (5,000) Interest Payments (3,800) Sale of Stock 11,600 Dividends (51,000)...
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acc545_r4_los_lobos - 20,400 61,200 $-$-Additional...

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