nts Ch 2 Hwk due June 7th wk due June 7th Kimmel, Accounting, Se Help I System A
ID: 2406771 • Letter: N
Question
nts Ch 2 Hwk due June 7th wk due June 7th Kimmel, Accounting, Se Help I System Announcements INT RESOURCES due June 7th You are provided with the following information for Vaughn Manufacturing, effective as of its April 30, 2017, year-end 909 975 670 1,435 395 135 260 Accounts payable Accounts receivable Common stock Results by Study Cost of goods sold Depreciation expense Equipment Income tax expense Incorme taxes payable Insurance expense Interest expense Inventory 2,585 210 475 1,132 3,265 3,665 Mortgage payable Notes payable Prepaid insurance Retained earmings (beginning) Salaries and wages expense Salanes and wages payable Sales rev Stock investments (short-term) 2,600 s,265 DOLL F10 F11 F12 FS F7 F3 8 8 6Explanation / Answer
Vaughn Manufacturing Balance Sheet ( in $ ) 30-Apr-17 Assets Current Assests Cash 1,435 Accounts receivable 975 Prepaid insurance 135 Stock Investments ( Short Term ) 1,290 Inventory 1132 Total Current Assests 4,967 Fixed Assets Equipment 2,585 less : Accumulated Depreciation on Equipment -670 Equipment (net) 1,915 Land 3265 Total Fixed Assets 5,180 Total Assets 10,147 Liabilities Current Liabilities Accounts payable 909 Salaries and wages payable 297 Income Taxes Payable 210 1,416 Long-term liabilities Mortgage payable 3665 Notes payable 226 3,891 Total liabilities 5,307 Stockholders’ Equity Common Stock 1,395 1395 Retained Earnings Beginning Balance 1,600 Net Income during the year 2,245 Less : Dividend Paid 400 3,445 Total liabilities and stockholders’ equity 10,147 Income Statement ( in $ ) Sales Revenue 5265 Less : Cost of Goods Sold 1135 Gross Profit 4130 Operating Expenses Depreciation Exp 260 Income Tax Expense 240 Insurance Exp 285 Interest Exp 475 Salary & Wage Exp 625 Total Expense 1885 Net Profit 2245
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