p13-7a - Name: Date: Instructor: Course: Managerial...

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FileName: 43092304beabfc14c206e23a3c0c17ea8efe7902.xls, Tab: Problem P13-7A, Page 1 of 2, 12/28/2011, 19:03:35 Name: Date: Instructor: Course: YOYO COMPANY Comparative Balance Sheets December 31 Assets 2005 2004 Cash $26,000 $33,000 Accounts receivable 28,000 14,000 Merchandise inventory 38,000 25,000 Property, plant, and equipment $70,000 $78,000 Less: Accumulated depreciation (27,000) 43,000 (24,000) 54,000 Total $135,000 $126,000 Liabilities and Stockholders' Equity Accounts payable $31,000 $43,000 Income taxes payable 26,000 20,000 Bonds payable 20,000 10,000 Common stock 25,000 25,000 Retained earnings 33,000 28,000 Total $135,000 $126,000 YOYO COMPANY Income Statement For the Year Ended December 31, 2005 Sales $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 7,000 Income before income taxes 48,000 Income tax expense 7,000 Net income $41,000 Additional data: 1. Dividends of $36,000 were declared and paid. 2. During the year equipment was sold for $10,000 cash. This equipment cost $15,000 originally and had a book value of $10,000 at the time of sale. 3. All depreciation expense,
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This note was uploaded on 12/28/2011 for the course ACCT 221 taught by Professor Leonarda.bacon during the Winter '07 term at CSU Bakersfield.

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p13-7a - Name: Date: Instructor: Course: Managerial...

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