Use the McCoy Medical Company data in S11-10 to compute the following amounts for 2014:

In S11-10

1. Borrowing or payment of long-term notes payable, assuming McCoy had only one long-term note payable transaction during the year
2. Issuance of common shares, assuming McCoy had only one common shares transaction during the year
3. Payment of cash dividends

Transcribed Image Text:

McCoy Medical Company Income Statement Year Ended December 31, 2014 Revenue Sales Revenue $710 Expenses Gost of Goods Sold Depreciation Expense Other Expenses S340 60 200 Total Expense Net Income 600 $110 McCoy Medical Company Comparative Balance Sheet December 31, 2014 and 2013 in thousands ASSETS 2014 LIABILITIES 2014 Current: Current: $ 47 23 $ 42 21 Cash Accounts Receivable Inventory Prepaid Expenses 16 Accounts Payable 54 80 48 84 Salary Payable Accrued Liabilities 2 Long-Term Notes Payable 90 68 Long-Term Investments Plant Assets, Net 75 225 185 SHAREHOLDERS' EQUITY Common Shares Retained Earnings Total Liabilities and 40 272 37 246 Total Assets $456 425 Shareholders' Eqity $456 $425