ACCT212_WorkingPapers_E12-20A

ACCT212_WorkingPapers_E12-20A - FINANCIAL ACCOUNTING Eighth...

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E12-20A (20-30 min.) The income statement and additional data of Newbury Travel Products, Inc., follow: Newbury Travel Products, Inc. Income Statement Year Ended December 31, 2010 Revenues: Service revenue ................................................................ $ 283,000 Dividend revenue ............................................................... 8,000 $ 291,000 Expenses: Cost of goods sold ............................................................ 103,000 Salary expense ................................................................. 78,000 Depreciation expense ........................................................ 26,000 Advertising expense .......................................................... 4,500 Interest expense ................................................................ 2,600 Income tax expense ........................................................... 8,000 222,100 Net income ..................................................................... $ 68,900 Additional data: a. b. Proceeds from sale of land totaled $27,000. c. Proceeds from issuance of common stock totaled $80,000. d. Payment of long-term note payable was $17,000. e. Payment of dividends was $13,000. f. From the balance sheets: December 31, 2010 2009 Current Assets:
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