Question: Hello, I'm having trouble with completing a balance sheet. The problem I have is finding the accumulated depreciation and accounts payable in Part C of

Hello, I'm having trouble with completing a balance sheet. The problem I have is finding the accumulated depreciation and accounts payable in Part C of a three part problem. I've attached the full problem, and if anything else is needed let me know. Thank you for your time and help!
Hello, I'm having trouble with completing a balance sheet. The problem I
have is finding the accumulated depreciation and accounts payable in Part C
of a three part problem. I've attached the full problem, and if
anything else is needed let me know. Thank you for your time
and help! For December 31 20X1, the balance sheet of Baxter Corporation
was as follows. $ 13,000 21,000 51,000 Current Assets Cash Accounts receivable

For December 31 20X1, the balance sheet of Baxter Corporation was as follows. $ 13,000 21,000 51,000 Current Assets Cash Accounts receivable Inventory Prepaid expenses Fixed Assets Gross plant and equipment Less: Accumulated depreciation Het plant and equipment Total assets Liabilities $ 11,000 Accounts payable 16,000 Notes payable 26,eee Bonds payable 12,100 Stockholders' Equity $ 251,000 Preferred stock (50,200) Common stock Paid in Capital $ 200,800 Retained earnings $ 205,900 Total liabilities and stockholders' equity $ 21,000 56,000 26,000 77.900 $ 265,900 Sales for 20x2 were $225.000, and the cost of goods sold was 60 percent of sales Selling and administrative expense was $22,500, Depreciation expense was 9 percent of plant and equipment (gross) at the beginning of the year. Interest expense for the notes payable was 11 percent, while the interest rate on the bonds payable was 13 percent. This interest expense is based on December 31, 20X1 balonces. The tax rate averaged 20 percent $2100 in preferred stock dividends were pald, and $6,846 in dividends were paid to common stockholders. There were 10,000 shares of common stock outstanding During 20x2. the cash balance and prepaid expenses balances were unchanged. Accounts receivable and inventory increased by 11 percent. A new machine was purchased on December 31, 20X2. ot a cost of $36,000. Accounts payable increased by 20 percent. Notes payable increased by $6,100 and bonds payable decreased by $10,500 both at the end of the year. The preferred stock, common stock, and capital paid in excess of par accounts did not change o. Prepare an income statement for 20x2. (Round EPS answer to 2 decimal places.) Answer is complete and correct. Baxter Corporation 20X2 Income Statement Sales $ $ $ $ Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating profit Interest expense Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share 225,000 135,000 90,000 22,500 22,590 44,910 8,940 35,970 7,194 28,776 2,100 26,676 10,000 2.67 $ $ $ $ GA b. Prepare a statement of retained earnings for 20X2. Answer is complete and correct. Baxter Corporation 20X2 Statement of Retained Earnings Retained earnings balance, January 1, 20X2 Add: Earnings available to common stockholders, 20X2 Less: Cash dividend declared in 20X2 Retained earnings balance, December 31, 20X2 $ 77,900 26,676 6,846 97,730 $ c. Prepare a balance sheet as of December 31 20x2. (Amounts to be deducted should be indicated with parentheses or a minus sign.) Answer is complete but not entirely correct. Assets $ Current Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets >>> 16,900 X 27.100 40,500 Baxter Corporation 20x2 Balance Sheet Liabilities and Stockholders' Equity Accounts payable $ 11,000 Notes payable 17,760 Bonds payable 28,860 12,100 69,720 Total liabilities Stockholders' Equity Preferred stock 287,000 Common stock 72,790 % Capital paid in excess of par $ 359,790 Retained earings Total stockholders' equity $ 429,510 Total liabilities and stockholders' equity $ 84,500 $ Os Elxed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment 21,000 56,000 25,000 97,730 $ 200,730 $ 285,230 Total assets

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