Question: The table below has miscellaneous jumbled financial data for 2019 (in $000s). Lets develop the 2019 income statement, the December 31, 2019 balance sheet, and
The table below has miscellaneous jumbled financial data for 2019 (in $000s). Lets develop the 2019 income statement, the December 31, 2019 balance sheet, and statement of retained earnings for 2019 for the High Uinta Corporation from the data. The past December 31, 2018 balance sheet is also provided. From the year-end 2019 and 2018 balance sheets, plus the 2019 income statement, we shall prepare the statement of cash flows, and the sources and uses statement for 2019.
HIGH UINTA CORPORATION
| Accounts Payable | $130 |
| Depreciation Expense | $65 |
| Long-Term Debt--Current Portion | $50 |
| Inventory | $975 |
| Preferred Stock | $50 |
| Common Stock Dividend | $80 |
| Interest Expense | $155 |
| Accumulated Depreciation | $675 |
| Marketable Securities | $75 |
| Miscellaneous Expenses | $45 |
| Mortgage Debt | $350 |
| Accounts Receivable | $585 |
| Capital Surplus | $175 |
| Tax Expense | $184 |
| Patents | $175 |
| Miscellaneous Long-Term Assets | $50 |
| Accrued Expenses | $20 |
| Net Sales | $4,250 |
| Wages Payable | $65 |
| Selling & Administrative Expense | $925 |
| Notes PayableBank | $130 |
| Gross Plant & Equipment | $1,850 |
| Long-Term DebtBonds | $575 |
| Cash | $427 |
| Cost of Goods Sold | $2,520 |
| Taxes Payable | $51 |
| Common Stock | $250 |
| Amortization of Patent | $15 |
| Retained Earnings--January 1, 2019 | $1,395 |
| Preferred Dividend | $40 |
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