abc companys current financial information beforewithout expansion

ABC Company’s current financial information (before/without expansion) Dec. 31,20X2 Dec. 31,20X1 Cash $50,000 $70,000 Accounts receivable (net) $120,000 $180,000 Merchandise inventory $350,000 $280,000 Property plant, & equipment $400,000 $300,000 Less: Accumulated depreciation $(170,000) $(100,000) Total assets $750,000 $730,000 Accounts payable $250,000 $210,000 Income taxes payable $40,000 $10,000 Common stock $240,000 $240,000 Retained earnings $220,000 $270,000 Total liabilities & stock, equity $750,000 $730,000 The firm’s accrual-basis income statement revealed the following data: Sales $1,200,000 Cost of goods sold $800,000 selling and administrative expenses $250,000 Depreciation expense $70,000 Income taxes $30,000 Dividends declared and paid during 19X2 $100,000 ABC purchased $100,000 of equipment for cash on August 14. (There was no interest expense.)
 
Looking for solution of this Assignment?

WHY CHOOSE US?

We deliver quality original papers

Our experts write quality original papers using academic databases.  

Free revisions

We offer our clients multiple free revisions just to ensure you get what you want.

Discounted prices

All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount

100% originality

We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity

On-time delivery

We will deliver your paper on time even on short notice or  short deadline, overnight essay or even an urgent essay