Using the tables below, identify the beginning balances , debits , credits , and

Question

Using the tables below, identify the beginning balances, debits, credits, and ending balances for the following:

1. Net Cash Provided by Operating Activites

2. Property, Plant, and Equipment

3. Retained Earnings

Note: Equipment that had cost $40,000 and on which there was accumulated depreciation of $30,000 was sold during Year 2 for $18,000. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock.

Sales $900,000 Cost of goods sold $500,000 Gross margin $400,000 Selling and administrative expenses $328,000 Net operating income $72,000 Gain on sale of equipment $8,000 Income before taxes $80,000 Income taxes $24,000 Net income $56,000

Explanation / Answer

Using the tables below, identify the beginning balances , debits , credits , and

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