P12 - P12-7B. Shown below are the financial statements of...

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P12-7B. Shown below are the financial statements of Rivera Company. RIVERA COMPANY Comparative Balance Sheets December 31 2010 $ 25,000 23,000 41,000 Property, plant, and equipment $ 73,000 Less: Accumulated depreciation (27,000) 46,000 $135,000 Liabilities and Stockholders' Equity $ 23,000 26,000 20,000 25,000 41,000 $135,000 RIVERA COMPANY Income Statement For the Year Ended December 31, 2010 $286,000 Cost of goods sold 194,000 Gross profit 92,000 Selling expenses $28,000 Administrative expenses 9,000 37,000 Income from operations 55,000 Interest expense Income before income taxes 48,000
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RIVERA COMPANY Income Statement For the Year Ended December 31, 2010 Income tax expense 10,000 Net income $ 38,000 Additional data: 1. Dividends of $25,000 were declared and paid. 2. During the year equipment was sold for $10,000 cash. This equipment cost $ book value of $10,000 at the time of sale. 3. All depreciation expense, $6,000, is in the selling expense category.
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This note was uploaded on 11/06/2011 for the course ACCOUNTING ac 202 taught by Professor - during the Fall '11 term at Montgomery.

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P12 - P12-7B. Shown below are the financial statements of...

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