Beginning bal                                                     44,300

Sale of long-term investment              32,400 Collections from customers               661,500 Issuance of common stock                  47,300

Receipts of dividends                                  16,900

Payments on accounts payable               399,000 Payments of dividends                                  27,800 Payments of salaries and wages              143,900 Payments of interest                                        27,000

Purchase of equipment                                     31,100 Payments of operating expenses                34,300 Payment of long-term note payable 41,000 Purchase of treasury stock                           26,300

Payment of income tax                                    18,600

Ending Bal                                                           53,400

 

 

Beginning bal                                                           56,600

Issuance for cash                                                  47,300

Issuance to acquire land                                  52,000 Issuance to retire note payable                  24,000

 

Ending bal                                                              179,900

 

 

Revenues:

 

 

 

 

Sales revenue

 

$634,000

 

 

Dividend revenue

 

16,900

 

 

Total revenue

 

650,900

 

 

Expenses and losses:

 

 

 

 

Cost of goods sold

$347,500

 

 

 

Salary and wage expense

151,500

 

 

 

Depreciation expense

18,600

 

 

 

Other operating expense

23,500

 

 

 

Interest expense

28,700

 

 

 

Income tax expense

15,200

 

 

 

Loss on sale of investments

16,500

 

 

 

Total expenses and losses

 

601,500

 

 

Net income

 

$  49,400

 

 

 

Increase (Decrease)

 

 

Current assets:

 

 

 

Cash and cash equivalents

$   9,100

 

 

Accounts receivable

(27,500)

 

 

Inventories

59,700

 

 

Prepaid  expenses

400

 

 

Long-term investments

(48,900)

 

 

Equipment, net

12,500

 

 

Land

52,000

 

 

Current liabilities:

 

 

 

Accounts payable

8,200

 

 

Interest payable

1,700

 

 

Salary payable

7,600

 

 

Other accrued liabilities

(10,400)

 

 

Income tax payable

(3,400)

 

 

Long-term note payable

(65,000)

 

 

Common stock

123,300

 

 

Retained earnings

21,600

 

 

Treasury stock

(26,300)