90.2K

Verified Solution

Link Copied!

Sandhill Inc, a greeting card company, had the following statements prepared as of December 31, 2020. SANDHILL INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 $6,000 $7.100 62.000 50.900 34,900 17.900 40,400 59.800 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights 5.100 3,900 154,900 129.200 (34.900) (25,200) 46.200 49,500 Total assets $314,600 $293.100 $46,500 $40.100 4,000 6.100 3.900 8,000 8.100 10,000 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity 60,600 69,200 100,000 100,000 30,000 30,000 57,400 33.800 $314,600 $293.100 SANDHILL INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $340,125 Cost of goods sold 174,600 Gross profit 165.525 Operating expenses 119.000 Operating income 46,525 Interest expense $11,400 2.000 9.400 37,125 Gain on sale of equipment Income before tax Income tax expense Net income 7,425 $29.700 Additional information: 1. 2. Dividends in the amount of $6,100 were declared and paid during 2020. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020. 3. 4. Precor condivid. Show amounts that dw.cohow whether --15.000 arin por DOLJ SANDHILL INC. Statement of Cash Flow V Adecine > > > > >

Answer & Explanation Solved by verified expert

See Answer