Use the Pratt Computer Sales data in SE12-9 to compute the following; enter all amounts in thousands.
Question:
Sales Data From SE12-9
a. New borrowing or payment of long-term notes payable. Pratt Computer Sales had only one long-term note payable transaction during the year.
b. Issuance of common stock or retirement of common stock. Pratt Computer Sales had only one common stock transaction during the year.
c. Payment of cash dividends (same as dividends declared).
Transcribed Image Text:
A1 Pratt Computer Sales, Inc. Income Statement Year Ended December 31, 2016 2 (In thousands 3 Service revenue 4 Cost of goods sold 5 Salary expense 6 Depreciation expense 7 Other expenses 8 Total expenses 9 Net income 10 310 50 40 140 540 A1 Pratt Computer Sales, Inc Comparative Balance Sheets December 31, 2016 and 2015 2 (In thousands) 3 Assets 2016 2015 4 Current: 5 Cash 016 2019Current 5 20 $ 17 Accounts payable5 53 $ 42 26 5645 Salary payable 7187 Accrued liabilities 65 Long-term note payable6453 6 Accounts receivable Inventory 8 Prepaid expenses 9 Plant assets, net 10 226 18 52 Common stock 41 30 etained earnings 12 13 Total 14 05 Total
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a New borrowing on longterm notes payable 11000 64000 53000 b Issuance of common s...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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