Use the Inland Medical Supply, Inc., data in S11-10 to compute the amount of fixed assets acquired
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Use the Inland Medical Supply, Inc., data in S11-10 to compute the amount of fixed assets acquired by Inland Medical Supply, Inc., assuming Inland sold no fixed assets in 2016.
Refer data to exercise S11-10,
Transcribed Image Text:
Inland Medical Supply, Inc. Income Statement Year Ended December 31, 2016 Revenue: Sales Revenue $684,000 Expenses: Cost of Goods Sold Depreciation Expense Other Expenses Total Expense Net Income $334,000 61,000 192,000 587,000 $ 97,000 Inland Medioal Supply, Inc. Comparative Balance Sheet December 31, 2016 and 2015 ASSETS 2016 2015 LIABILITIES 2016 2016 Current: Current: $ 25,000 $ 10,000 43,000 63,000 Accounts Payable Salaries Payable $ 55,000 $ 32,000 Cash Accounts Receivable 21,000 11,000 Inventory Prepaid Expenses Long-Term Investments 77,000 84,000 Accrued Liabilities 4,000 9,000 75,000 4,000 Long-Term Notes Payable 91,000 10,000 62,000 72,000 Fixed Assets, Net 226,000 180,000 STOCKHOLDERS' EQUITY Common Stock 41,000 30,000 Retained Earnings 290,000 255,000 Total Liabilities and Total Assets $473,000 $412,000 Stockholders' Equity $473,000| $412,000
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