December-31 2023 2022 Assets: Cash $ 32,300 $ 40,800 Accounts Receivable Investments-trading 79,900 88,400 107,100 81,600...

Transcribed Image Text:

December-31 2023 2022 Assets: Cash $ 32,300 $ 40,800 Accounts Receivable Investments-trading 79,900 88,400 107,100 81,600 Equipment 425,000 345,100 Accumulated Depreciation- Eqp (147,900) (136,000) Land 86,700 49,300 Total Assets 564,400 487,900 Liabilities and Equity Accounts Payable Current portion of Long-Term Debt Long-Term Note Payable Common Stock Retained Earnings Total Liabilities and Equity $ 18,700 $ 6,800 8,000 10,000 119,500 75,000 130,900 81,600 287,300 314,500 564,400 487,900 Additonal information: 1. Net income for the year ended December 31, 2023 was $161,500. 2. Cash dividends were declared and paid in 2023. 3. Equipment, with an original cost of $51,000 and with accumulated depreciation of $13,600, was sold for proceeds equal to book value during 2023. 4. The investments are reported at Fair Value at the balance sheet date. During 2023, an investment with a cost of $12,000 was purchased. No other investment transactions occurred during the year. Fair value adjustments are reported directly on the income statement. 5. In 2023, land was aquired through the issuance of common stock. The balance of the common stock issued was for cash. December-31 2023 2022 Assets: Cash $ 32,300 $ 40,800 Accounts Receivable Investments-trading 79,900 88,400 107,100 81,600 Equipment 425,000 345,100 Accumulated Depreciation- Eqp (147,900) (136,000) Land 86,700 49,300 Total Assets 564,400 487,900 Liabilities and Equity Accounts Payable Current portion of Long-Term Debt Long-Term Note Payable Common Stock Retained Earnings Total Liabilities and Equity $ 18,700 $ 6,800 8,000 10,000 119,500 75,000 130,900 81,600 287,300 314,500 564,400 487,900 Additonal information: 1. Net income for the year ended December 31, 2023 was $161,500. 2. Cash dividends were declared and paid in 2023. 3. Equipment, with an original cost of $51,000 and with accumulated depreciation of $13,600, was sold for proceeds equal to book value during 2023. 4. The investments are reported at Fair Value at the balance sheet date. During 2023, an investment with a cost of $12,000 was purchased. No other investment transactions occurred during the year. Fair value adjustments are reported directly on the income statement. 5. In 2023, land was aquired through the issuance of common stock. The balance of the common stock issued was for cash.