Kate Petusky Prepared Addison Controls’ Balance Essay

456 WordsJul 24, 20162 Pages
Kate Petusky prepared Addison Controls’ balance Click Link Below To Buy: http://hwcampus.com/shop/kate-petusky-prepared-addison-controls-balance/ Kate Petusky prepared Addison Controls’ balance sheet and income statement for 2013. Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Addison’s president, Lance Meyers, has asked you to prepare the statement of cash flows. Meyers has provided you with the balance sheet and income statement that Petusky prepared, as well as some notes she made: Addison Controls Income Statement For the Year Ended December 31, 2013 Sales revenue $127,910 Cost of goods sold 69,840 Gross margin 58,070 Selling expense 13,050 Administrative expense 8,110 Salaries expense 20,130 Depreciation expense 1,920 Interest expense 4,020 47,230 Income before gain and taxes 10,840 Gain on sale of land 900 Income tax expense 840 Net income $10,900 Addison Controls Comparative Balance Sheets As of December 31 2013 2012 Cash $5,190 $4,360 Accounts receivable, net 6,370 5,520 Inventory 31,790 34,260 Total current assets 43,350 44,140 Property, plant, & equipment, net 211,570 215,330 Total assets $254,920 $259,470 Accounts payable $3,500 $5,940 Accrued expenses 700 760 Salaries payable 1,810 1,590 Taxes payable 2,150 2,690 Bonds payable 60,030 50,010 Total liabilities 68,190 60,990 Common stock 125,050 125,050 Retained earnings 61,680 73,430 Total stockholders’ equity 186,730 198,480 Total liabilities & stockholders' equity $254,920 $259,470 • Equipment with an original cost of $35,050 was sold for $20,260. The book value of the equipment was $19,360. • On June 1,

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