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Presented below are the financial statements of Bonita Industries Bonita Industries Comparative Balance Sheets December 31 Assets 2017

Presented below are the financial statements of Bonita Industries.

Bonita Industries
Comparative Balance Sheets
December 31
Assets   2017     2016  
Cash   $ 40,600     $ 23,200  
Accounts receivable   23,200     16,240  
Inventory   32,480     23,200  
Property, plant, and equipment   69,600     90,480  
Accumulated depreciation   (37,120 )   (27,840 )
Total   $128,760     $125,280  
             
Liabilities and Stockholders’ Equity            
Accounts payable   $ 22,040     $ 17,400  
Income taxes payable   8,120     9,280  
Bonds payable   19,720     38,280  
Common stock   20,880     16,240  
Retained earnings   58,000     44,080  
Total   $128,760     $125,280  

 

Bonita Industries
Income Statement
For the Year Ended December 31, 2017
Sales revenue       $280,720
Cost of goods sold       203,000
Gross profit       77,720
Selling expenses   $20,880    
Administrative expenses   6,960   27,840
Income from operations       49,880
Interest expense       3,480
Income before income taxes       46,400
Income tax expense       9,280
Net income       $ 37,120


Additional data:

1.   Depreciation expense was $20,300.
2.   Dividends declared and paid were $23,200.
3.   During the year equipment was sold for $9,860 cash. This equipment cost $20,880 originally and had accumulated depreciation of $11,020 at the time of sale.

May 09 2020 Read more Less More

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