4 5 6 A B INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 C D 7...

Transcribed Image Text:

4 5 6 A B INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 C D 7 20X2 20X1 8 Assets 9 Current assets: 10 Cash 11 Accounts receivable 12 Inventory 13 Prepaid insurance 14 Long-term assets: 15 Investments 16 Land 17 Equipment 18 Accumulated depreciation 19 20 Total assets $ 184,420 $ 25,740 68,700 83,000 134,500 128,000 2,980 4,560 211,000 120,000 208,500 255,000 203,000 203,000 (117,500) (101,500) $ 895,600 $ 717,800 21 22 23 Liabilities and Stockholders' Equity 24 Current liabilities: 25 Accounts payable $ 26,500 $ 81,000 26 Interest payable 3,400 2,300 27 Income tax payable 30,200 32,500 29 30 28 Long-term liabilities: Stockholders' equity: Notes payable 255,000 242,000 31 Common stock 273,000 230,000 32 Retained earnings 307,500 130,000 33 34 Total liabilities and stockholders' equity $ 895,600 $ 717,800 35 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, Income Statement Balance Sheet Cash Flow READY Attempt(s) www 4 5 6 A B INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 C D 7 20X2 20X1 8 Assets 9 Current assets: 10 Cash 11 Accounts receivable 12 Inventory 13 Prepaid insurance 14 Long-term assets: 15 Investments 16 Land 17 Equipment 18 Accumulated depreciation 19 20 Total assets $ 184,420 $ 25,740 68,700 83,000 134,500 128,000 2,980 4,560 211,000 120,000 208,500 255,000 203,000 203,000 (117,500) (101,500) $ 895,600 $ 717,800 21 22 23 Liabilities and Stockholders' Equity 24 Current liabilities: 25 Accounts payable $ 26,500 $ 81,000 26 Interest payable 3,400 2,300 27 Income tax payable 30,200 32,500 29 30 28 Long-term liabilities: Stockholders' equity: Notes payable 255,000 242,000 31 Common stock 273,000 230,000 32 Retained earnings 307,500 130,000 33 34 Total liabilities and stockholders' equity $ 895,600 $ 717,800 35 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, Income Statement Balance Sheet Cash Flow READY Attempt(s) www