Liabilities & Shareholders' EquityAccount PayableOperating expenses payableIncome taxes payableDividends PayableLong-term Notes PayableCommon sharesRetained EarningsTotal Liabilities & Shareholders' EquityAdditional Information for Lincoln Corp:7) Operating expenses for 20X4 included depreciation for $5008) Accounts payable relate exclusively to the purchase of inventory9) Machine with a historical cost of $200 was sold at a loss of $2010) A new machine was purchased during the year for $1,20011) Dividends were declared12) Long term notes payable were issuedThe equity ratio at December 20X3 was:68021012050$300$ 2,500$930$ 4,790$$$$350100010070$$ 2,500$960$ 4,790 Lincoln Corp. - Income Statement as ofDecember 31st, 20X4RevenueCost of Goods SoldGross ProfitOperating expensesOperating ProfitLoss on sale of equipmentIncome tax expenseProfit for 20X4AssetsCashLincoln Corp.Accounts ReceivableInventoryPrepaid ExpensesEquipmentAccumulated DepreciationTotal Assets$5,000$3,200$1,800$1,350$450$$$20180250Balance Sheet December 3120X4Liabilities & Shareholders' EquityAccount PayableOperating expenses payableIncome taxes payable$ 2,350$$$$ 2,500$(1,350)$ 4,790680210$ 120LA LA LA45080040$20X3$ 1,800$1,000$ 700$80$ 1,500$(1,000)$ 4,080$$$3501000

Formula: Equity ratio=Total Shareholders' EquityTotal assets

Liabilities & Shareholders' Equity Account Payable Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity Additional Information for Lincoln Corp: 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new machine was purchased during the year for $1,200 11) Dividends were declared 12) Long term notes payable were issued The equity ratio at December 20X3 was: $ 680 350 210 $ 100 0 100 70 LA LA LA LA LA 120 $ 50 $ $ 2,500 $ 930 $ 4,790 300 $ $ 2,500 $ 960 $ 4,790

Liabilities & Shareholders' Equity Account Payable Operating expenses payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity Additional Information for Lincoln Corp: 7) Operating expenses for 20X4 included depreciation for $500 8) Accounts payable relate exclusively to the purchase of inventory 9) Machine with a historical cost of $200 was sold at a loss of $20 10) A new machine was purchased during the year for $1,200 11) Dividends were declared 12) Long term notes payable were issued The equity ratio at December 20X3 was: $ 680 350 210 $ 100 0 100 70 LA LA LA LA LA 120 $ 50 $ $ 2,500 $ 930 $ 4,790 300 $ $ 2,500 $ 960 $ 4,790

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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