The comparative balance sheet of Livers Inc. for December 31, 2013 and 2012, is as follows:...
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The comparative balance sheet of Livers Inc. for December 31, 2013 and 2012, is as follows: 1 2 Dec. 31, 20Y3 Dec. 31, 20Y2 Assets 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Investments 7 | Land $625,080.00 $586,430.00 228,260.00 209,470.00 641,070.00 616,400.00 0.00 240,170.00 327,640.00 0.00 8 Equipment 705,000.00 552,830.00 9 Accumulated depreciation-equipment (165,670.00) (148,610.00) 10 Total assets $2,361,380.00 $2,056,690.00 11 Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) $425,090.00 $405,900.00 13 Accrued expenses payable (operating expenses) 43,140.00 52,460.00 14 Dividends payable 23,780.00 19,970.00 15 Common stock, $2 par 150,000.00 100,000.00 16 Paid-in capital: Excess of issue price over par-common stock 417,500.00 280,000.00 17 Retained earnings 1,301,870.00 1,198,360.00 18 Total liabilities and stockholders' equity $2,361,380.00 $2,056,690.00 1 Sales 2 Cost of goods sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense $17,060.00 6 Other operating expenses 1,755,850.00 7 Total operating expenses & Operating income 9 Other income: 10 Gain on sale of investments 11 Income before income tax 12 Income tax expense 13 Net income $5,369,468.00 3,305,790.00 $2,063,678.00 1,772,910.00 $290,768.00 39,980.00 $330,748.00 132,198.00 $198,550.00 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $280,150 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $95,040 debit to Retained Earnings for cash dividends declared. Statement of Cash Flows 1 Cash flows from operating activities: 2 (Label) 3 4 5 6 7 8 Cash flows from investing activities: 9 10 11 12 13 14 Cash flows from financing activities: 15 16 17 18 19 Cash at the beginning of the year 20 Cash at the end of the year The comparative balance sheet of Livers Inc. for December 31, 2013 and 2012, is as follows: 1 2 Dec. 31, 20Y3 Dec. 31, 20Y2 Assets 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Investments 7 | Land $625,080.00 $586,430.00 228,260.00 209,470.00 641,070.00 616,400.00 0.00 240,170.00 327,640.00 0.00 8 Equipment 705,000.00 552,830.00 9 Accumulated depreciation-equipment (165,670.00) (148,610.00) 10 Total assets $2,361,380.00 $2,056,690.00 11 Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) $425,090.00 $405,900.00 13 Accrued expenses payable (operating expenses) 43,140.00 52,460.00 14 Dividends payable 23,780.00 19,970.00 15 Common stock, $2 par 150,000.00 100,000.00 16 Paid-in capital: Excess of issue price over par-common stock 417,500.00 280,000.00 17 Retained earnings 1,301,870.00 1,198,360.00 18 Total liabilities and stockholders' equity $2,361,380.00 $2,056,690.00 1 Sales 2 Cost of goods sold 3 Gross profit 4 Operating expenses: 5 Depreciation expense $17,060.00 6 Other operating expenses 1,755,850.00 7 Total operating expenses & Operating income 9 Other income: 10 Gain on sale of investments 11 Income before income tax 12 Income tax expense 13 Net income $5,369,468.00 3,305,790.00 $2,063,678.00 1,772,910.00 $290,768.00 39,980.00 $330,748.00 132,198.00 $198,550.00 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $280,150 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $95,040 debit to Retained Earnings for cash dividends declared. Statement of Cash Flows 1 Cash flows from operating activities: 2 (Label) 3 4 5 6 7 8 Cash flows from investing activities: 9 10 11 12 13 14 Cash flows from financing activities: 15 16 17 18 19 Cash at the beginning of the year 20 Cash at the end of the year
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