the following financial statements Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities depreciation-Equipment Equity Common stock, $5 par value Retained earnings Total liabilities and equity additional information. STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $352,100 $ 26,000 7,000 4,700 $ 66,000 37,700 33,000 70,700 240,000 41,400 $ 352,100 2020 $ 44,100 57,000 88,000 6,100 195,200 136,000 (12,000) $ 319,200 $ 772,000 472,000 300,000 $ 32,000 17,000 5,200 54,200 65,000 119,200 170,000 30,000 $ 319,200
the following financial statements Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities depreciation-Equipment Equity Common stock, $5 par value Retained earnings Total liabilities and equity additional information. STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $352,100 $ 26,000 7,000 4,700 $ 66,000 37,700 33,000 70,700 240,000 41,400 $ 352,100 2020 $ 44,100 57,000 88,000 6,100 195,200 136,000 (12,000) $ 319,200 $ 772,000 472,000 300,000 $ 32,000 17,000 5,200 54,200 65,000 119,200 170,000 30,000 $ 319,200
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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