Cashgrabber inc dr cr

Accounts Payable $285,020$ 

Accounts Receivable $320,600$ 

Accrued Expenses Payable $52,000$ 

Advances to employees $31,200$ 

Accumulated Depreciation $-$ Building $900,000$ 

Accumulated Depreciation $-$ Equipment $112,000$ 

Allowance for doubtful accounts $11,000$ 

Bonds Payable $-$ Due $2028620,000$ 

Bonds Premium $26,000$ 

Building $2,250,000$ 

Cash $501,200$ 

Common Stock $($$ $1$ par value, $120,000$ issued $)120,000$ 

Cost of Goods Sold $3,150,000$ 

Dividends payable $24,000$ 

Equipment $651,000$ 

Franchise $($unamortized cost$)367,000$ 

General & Administrative Expenses $2,339,280$ 

Goodwill $111,000$ 

Held to Maturity Securities $146,000$ 

Income tax allocable to Income from continuing ops. $325,070$ 

Inventory $-$ Ending $492,000$ 

Land $362,000$ 

Net sales $9,020,500$ 

Mortgage Note Payable $($$$120,000$ due in $2024)799,400$ 

Paid in Capital in excess of par $-$ Common $234,000$ 

Paid in Capital in excess of par $-$ Preferred $27,000$ 

Paid in Capital from Treasury Stock $4,100$ 

Patent $-$ Unamortized cost $373,000$ 

Preferred Stock $(2\%,$ $$100$ par value, $5,000$ shrs issued & outstanding$)500,000$ 

Prepaid Expenses $72,000$ 

Retained earnings $-$ Dec. $31,2023$ reduced by $$10,000$ Pref. dividends

and $$52,000$ Common dividends $1,776,510$ 

Salaries Payable $61,000$ 

Securities Fair value Adj. Trading Securities $32,000$ 

Selling expenses $2,706,150$ 

Trading Securities $216,000$ 

Treasury Stock $-$ Common $(25,000$ shrs$)178,030$ 

Unearned revenue $51,000$ 

 $14,623,53014,623,530$

Additional information

$1$ Net income for the year ended December $31,2023$ is $$500,000$ 

$2$ The January $1,2023$ balance in Retained Earnings is $$1,838,510$ 

Instructions: Prepare:

a An Income Statement for the year ended Dec. $31,2023$ 

b A Retained Earnings Statement for the year ended Dec. $31,2023$ 

c The Stockholders' Equity section of the Dec. $31,2023$ Balance Sheet

Answer rating: 100% (QA)

a Income Statement for the year ended December 31 2023 Net Sales 9020500 Cost of Goods Sold 3150000 ... View the full answer