The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D-Decrease; 1= Increase. 550 $ 110 1 $ 70 D Sales 591 $60 $185 I $.60 1 Liabilities and Stockholders Equity Accounts Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $35 1 $40 581 $150 1 $80 D 5:54 1 Long-term investments that cost the company $6 were sold during the year for $16 and land that cost $15 was sold for $9. In addition, the company declared and paid $30 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows:

The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D-Decrease; 1= Increase. 550 $ 110 1 $ 70 D Sales 591 $60 $185 I $.60 1 Liabilities and Stockholders Equity Accounts Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings $35 1 $40 581 $150 1 $80 D 5:54 1 Long-term investments that cost the company $6 were sold during the year for $16 and land that cost $15 was sold for $9. In addition, the company declared and paid $30 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows:

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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