Question: Use the Dallas Computer Sales data in SE12-9 to compute the following; enter all amounts in thousands. In SE12-9, Dallas Computer Sales, Inc., reported the
Use the Dallas Computer Sales data in SE12-9 to compute the following; enter all amounts in thousands. In SE12-9, Dallas Computer Sales, Inc., reported the following financial statements for 2014:
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a. New borrowing or payment of long-term notes payable. Dallas Computer Sales had only one long-term note payable transaction during the year.
b. Issuance of common stock or retirement of common stock. Dallas Computer Sales had only one common stock transaction during the year.
c. Payment of cash dividends (same as dividends declared).
A1 Dallas Computer Sales, Inc. Income Statement Year Ended December 31, 2014 2 (ln thousands) 3 Service revenue 4 Cost of goods sold 5 Salary expense 6 Depreciation expense 7 Othrexpenses 8 Total expenses 9 Net income 10 $ 819 401 60 15 180 656 163 A1 Dallas Computer Sales, Inc. Comparative Balance Sheets 1 Dcember 31, 2014 and 2013 2 (In thousands) 3 Assets 4 Current: 2014 2013 Liabilities 2014 2013 53$ 58Accounts payable S 56 $ 54 16 Current: Cash 6 Accounts receivable 62 53 Salary payable 9 Accrued liabilities 16 Long-term note payable 26 13 75 Inventory 8 Prepaid expenses 9 Long-term investments 10 Plant assets, net 17 65 255 195 Stockholders' Equity Common stock Retained earnings 46 309 297 529 $ 501 50 12 13 Total 14 5529 501 Total
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