Question: correct it please Sarved Help Save & E Cher For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Current Assets

correct it please  correct it please Sarved Help Save & E Cher For December
31, 20XX, the balance sheet of the Gardner Corporation is as follows:
Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and
equipment (gross) Less: Accumulated amortization Balance Sheet Liabilities $19,400 Accounts payable 15,600
Notes payable 33,400 Bonds payable 16, 100 Shareholders' Equity $254,000 Common stock

Sarved Help Save & E Cher For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization Balance Sheet Liabilities $19,400 Accounts payable 15,600 Notes payable 33,400 Bonds payable 16, 100 Shareholders' Equity $254,000 Common stock 50,400 Retained earnings $19,400 28,300 58,500 $75,000 106,900 Net plant and equipment 203,600 Total assets $288,100 Total liabilities and shareholders' equity $288,100 Sales for 20XY were $222,000, with cost of goods sold being 58 percent of sales. Amortization expense was 12 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bondis payable was 22 percent, while interest on the notes payable was 11 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $31,400, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 10 percent, and accounts payable increased by 32 percent. A new machine was purchased on December 31, 20XY, at a cost of $20,000. A cash dividend of $15.400 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $3,012 and bonds payable decreased by 10,920. The common stock account did not change

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!