Accounting only
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graded_quiz_12_-_sec_002_3.docChapter 12 – Section 002 ame __________________________________
Graded Quiz 12 Section 002
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ABC Company |
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Comparative Balance Sheet |
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As of December 31, 2013 and 2012 |
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2013 |
2012 |
Change |
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Cash |
$33,000 |
$29,000 |
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Accounts Receivable |
35,000 |
28,000 |
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Merchandise Inventory |
41,000 |
38,000 |
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Property, Plant, and Equipment |
121,000 |
100,000 |
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Less: Accumulated Depreciation |
(30000) |
(25,000) |
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Total Assets |
$200,000 |
$170,000 |
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Accounts Payable |
$36,000 |
$27,000 |
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Wages Payable |
1,200 |
1,400 |
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Notes Payable, Long-Term |
38,000 |
44,000 |
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Common Stock, $1 par |
88,600 |
72,600 |
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Retained Earnings |
36,200 |
25,000 |
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Total Liabilities and Stockholders’ Equity |
$200,000 |
$170,000 |
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ABC Company |
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Income Statement |
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For the Year Ended December 31, 2013 |
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Sales |
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$120,000 |
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Cost of Goods Sold |
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(70,000) |
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Gross Margin |
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50,000 |
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Wages Expense |
(20,000) |
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Office Expenses |
(6,800) |
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Payroll Taxes Expense |
(6,000) |
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Depreciation Expense |
(5,000) |
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Total Operating Exp |
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(37,800) |
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Net Income |
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$12,200 |
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Additional Information:
1. Bought equipment for cash, $21,000.
2. Paid $6,000 on the long-term notes payable.
3. Issued 16,000 new shares of stock at par.
4. Declared and paid cash dividends of $1,000.
5. Accounts Payable includes only inventory purchases made on account. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.
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