Problem 12-7A (Part Level Submission)

Presented below are the financial statements of Windsor Company.

Windsor Company Comparative Balance Sheets December 31

Windsor Companyr Income Statement For the Year Ended December 31, 201? Sales revenue $493,680 Cost of goods sold 35?,000 Gross prot 136,680 Selling expenses $36,720 Administrative expenses 12,240 48,960 Income from operations 8?,720 Interest expense 6,120 Income before income taxes 81,600 Income tax expense 16,320 Net income $ 65,280 Additional data: 1. Depreciation expense was $35,?00. 2. Dividends declared and paid were $40,800. 3. During the year equipment was sold for $1?,340 cash. This equipment cost $36,?20 originallyr and had accumulated depreciation of $19,380 at the time of sale. Presented below are the financial statements of Windsor Company. Windsor Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 71,400 $ 40,800 Accounts receivable 40,800 28,560 Inventory 57,120 40,800 Property, plant, and equipment 122,400 159,120 Accumulated depreciation (65,280 ) (48,960 ) Total $226,440 $220,320 Liabilities and Stockholders' Equity Accounts payable $ 38,760 $ 30,600 Income taxes payable 14,280 16,320 Bonds payable 34,680 67,320 Common stock 36,720 28,560 Retained earnings 102,000 77,520 $276.440 $270.370