These items are taken from the financial statements of Bridgeport Corp. at December 31, 2018. Buildings $ 95,220 Accounts receivable 11,340 Prepaid insurance 4,212 Cash 10,656 Equipment 74,160 Land 55,080 Office expense 522 Income tax expense 180 Depreciation expense 4,770 Interest expense 2,340 Common shares 55,800 Retained earnings (January 1, 2018) 36,000 Accumulated depreciation—building 41,040 Accounts payable 7,560 Income taxes payable 990 Bank loan payable (due July 1, 2020) 84,240 Accumulated depreciation—equipment 16,848 Interest payable 3,240 Sales 12,762 Calculate the net income for the year
These items are taken from the financial statements of Bridgeport Corp. at December 31, 2018. Buildings $ 95,220 Accounts receivable 11,340 Prepaid insurance 4,212 Cash 10,656 Equipment 74,160 Land 55,080 Office expense 522 Income tax expense 180 Depreciation expense 4,770 Interest expense 2,340 Common shares 55,800 Retained earnings (January 1, 2018) 36,000 Accumulated depreciation—building 41,040 Accounts payable 7,560 Income taxes payable 990 Bank loan payable (due July 1, 2020) 84,240 Accumulated depreciation—equipment 16,848 Interest payable 3,240 Sales 12,762 Calculate the net income for the year
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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These items are taken from the financial statements of Bridgeport Corp. at December 31, 2018.
Buildings | $ 95,220 | ||
---|---|---|---|
Accounts receivable | 11,340 | ||
Prepaid insurance | 4,212 | ||
Cash | 10,656 | ||
Equipment | 74,160 | ||
Land | 55,080 | ||
Office expense | 522 | ||
Income tax expense | 180 | ||
4,770 | |||
Interest expense | 2,340 | ||
Common shares | 55,800 | ||
Retained earnings (January 1, 2018) | 36,000 | ||
41,040 | |||
Accounts payable | 7,560 | ||
Income taxes payable | 990 | ||
Bank loan payable (due July 1, 2020) | 84,240 | ||
Accumulated depreciation—equipment | 16,848 | ||
Interest payable | 3,240 | ||
Sales | 12,762 |
Calculate the net income for the year.
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