The balance sheet for Plasma Screens Corporation, along with additional information, are provided below: PLASMA...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The balance sheet for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory Prepaid rent $ 113,450 $ 134,600 96,500 88,100 2,900 81,600 104,000 5,800 Long-term assets Land Equipment Accumulated depreciation 525,000 525,000 715,000 (437,000) (286,000) 826,000 1,218,8501,276,100 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable $ 108,000 $ 93,100 14,100 5,900 7,050 9,800 Long-term liabilities Notes payable 117,500 235,000 Stockholders' equity Common stock Retained earnings 745,000 231,500 745,000 183,000 1,218,8501,276,100 Total liabilities and stockholders' equity Additional Information for 2018 1. Net income is $78,000 2. The company purchases $111,000 in equipment. 3. Depreciation expense is $151,000 4. The company repays $117,500 in notes payable 5 The company declares and pays a cash dividend of $29,500
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
