Summarized versions of the Gonzales Corporation's financial statements, with certain amounts omitted, are given for its...
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Summarized versions of the Gonzales Corporation's financial statements, with certain amounts omitted, are given for its past two fiscal years. Amounts are in thousands. Statement of Income Revenues Cost of goods sold Other expenses Earnings before income taxes Income taxes (35% tax rate) Net earnings Statement of Retained Earnings Beginning balance Net earnings Dividends Ending balance Balance Sheet Assets: Cash Capital assets Other assets Total assets Liabilities: Current liabilities Notes payable and long-term debt Other liabilities Total liabilities $ Current Year 11,500 1,300 4,000 (300) 3,000 4,500 80 9,100 Prior Year $ $ $ $ 16,000 1,200 3,700 1,300 3,500 (200) 1,800 11,200 15,000 5,600 3,200 200 Summarized versions of the Gonzales Corporation's financial statements, with certain amounts omitted, are given for its past two fiscal years. Amounts are in thousands. Statement of Income Revenues Cost of goods sold Other expenses Earnings before income taxes Income taxes (35% tax rate) Net earnings Statement of Retained Earnings Beginning balance Net earnings Dividends Ending balance Balance Sheet Assets: Cash Capital assets Other assets Total assets Liabilities: Current liabilities Notes payable and long-term debt Other liabilities Total liabilities $ Current Year 11,500 1,300 4,000 (300) 3,000 4,500 80 9,100 Prior Year $ $ $ $ 16,000 1,200 3,700 1,300 3,500 (200) 1,800 11,200 15,000 5,600 3,200 200
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Current Year Prior Year Statement of Income Revenues 16000 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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