50.1K

Verified Solution

Link Copied!

E. Delahanty Inc. Income Statement For years ended December 31, 2017 and 2018 E. Delahanty Inc. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Change 2018 2017 Current assets: $38,480 (3000001255,000 Accounts receivable (net) 31,000 42,000 900 1210 113,590 $460,000 $414,000 Cash $21,000 $17,480 26,000 5,000 40,000 2,000 2,000 1,100 1850 -640 90,850 22,740 Sales (all on credit) Cost of goods sold Gross margin 160,000 159,000 nventory 36,000 24,000 Other current assets 100,000 83,000 Total current assets 136,000 107,000 24000 52,000 Long-term Investments Prepaid expenses Depreciation expense Other operating expenses Total operating expenses Operating income 72,000 50,000 22,000 Other income (expenses) Interest expense Plant assets 251,000 49,000 (24,000) 31,200 227000 17800 367850 62,540 300,000 (4,600) (3,400) Less: accumulated (55,200) depreciation Gain on sale of investments Loss on sale of plant assets Total other income (expenses) 4,800 3,400 Total plant assets (2.400) Total assets (11,400) (2,400) Current liabilities Income before income taxes Income taxes expense Net income $23,500 1,200 1000 25,700 $24,000 $-500 200 3700 -2,700 28,700 -3,000 22,200 49,600 Accounts payable (6.660) 14.880 Accrued liabilities $15,540 $34720 Income taxes payable 1,000 Total current liabilities

Answer & Explanation Solved by verified expert

See Answer