The following data pertain to Liverpool Auto, Ltd. Total assets at January 1, 20X1, were...
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Accounting
The following data pertain to Liverpool Auto, Ltd. Total assets at January 1, 20X1, were 110,000; at December 31, 20X1, they were 126,000. During 20X1, sales were 360,000, cash dividends declared were 5,000, and operating expenses (exclusive of cost of goods sold) were 210,000. Total liabilities at December 31, 20X1, were 55,000; at January 1, 20X1, they were 50,000. There was no additional investment by stockholders during 20X1. Compute the following: 1. Stockholders equity, January 1, 20X1, and December 31, 20X1 2. Net income for 20X1ignore taxes 3. Cost of goods sold for 20X1
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