Threets Corporation\'s most recent comparative balance sheet appears below: 191
ID: 2361115 • Letter: T
Question
Threets Corporation's most recent comparative balance sheet appears below:
191
189
$575
$464
393
265
$575
$464
Comparative Balance Sheet EndingBalance Beginning
Balance Assets: Cash and cash equivalents $45 $44 Accounts receivable 101 97 Inventory 100 92 Property, plant and equipment 520 420 Less accumulated depreciation
191
189
Total assets$575
$464
Liabilities and stockholder's equity: Accounts payable $70 $77 Bonds payable 61 76 Common stock 51 46 Retained earnings393
265
Total liabilities and stockholder's equity$575
$464
Explanation / Answer
Chapter 15 “How Well Am I Doing?”--Statement of Cash Flows Solution:SourcesNet income.............................................................$10,000Increases in liabilities (and contra asset accounts):Increase in accumulated depreciation.................23,000Increase in accounts payable...............................1,000Increase in accrued wages and salaries payable..1,000Increase in long-term debt...................................3,000Increase in deferred income taxes.......................4,000Increases in capital stock accounts:Increase in common stock................................... 3,000Total sources..........................................................$45,000
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