Use the Inland Medical Supply, Inc., data in S11-10 to compute the following amounts for 2018:

1. Borrowing or payment of long-term notes payable, assuming Inland had only one long-term note payable transaction during the year

2. Issuance of common stock, assuming Inland had only one common stock transaction during the year

3. Payment of cash dividends

Transcribed Image Text:

Inland Medical Supply, Ino. Income Statement Year Ended December 31, 2018 Revenue: Sales Revenue $684,000 Expenses: Cost of Goods Sold $334,000 61,000 192,000 Depreciation Expense Other Expenses Total Expense 587,000 $ 97,000 Net Income Inland Medical Supply, Inc. Comparative Balance Sheet December 31, 2018 and 2017 ASSETS LIABILITIES Current: Accounts Payable Salaries Payable Accrued Liabilities 2018 2017 2018 2017 Current: $ 25,000 $ 10,000 63,000 77,000 10,000 72,000 226,000 $ 55,000 $ 32,000 11,000 9,000 75,000 Cash 43,000 84,000 4,000 Long-Term Notes Payable 62,000 91,000 180,000 Accounts Receivable 21,000 4,000 Inventory Prepaid Expenses Long-Term Investments Fixed Assets, Net STOCKHOLDERS' EQUITY 41,000 290,000 30,000 255,000 Common Stock Retained Earnings Total Liabilities and Total Assets $473,000 $412,000 Stockholders' Equity $473,000 $412,000