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Part c requires a knowledgeable comment regarding any significant items disclosed in the statement of cash flows Thank you P 10 6 Sampson Compan balance sheets for December 31 2011 and 2010

Part c requires a knowledgeable comment regarding any significant items disclosed in the statement of cash flows. Thank you

P 10-6 Sampson Company's balance sheets for December 31, 2011 and 2010, as well as the income statement for the year ended December 31, 2011, are shown next. SAMPSON COMPANY Balance Sheet December 31, 2011 and 2010 2011 2010 Assets $ 38,000 72,000 98,000 195,000 $ 60,000 65,000 85,000 180,000 (35,000) $355,000 Net receivables Plant assets Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities (related to cost of sales) Mortgage payable Common stock Retained earnings $358,000 $ 85,000 44,000 11,000 180,000 38,000 $358,000 $ 80,000 61,000 174,000 40,000 $355,000 Total liabilities and stockholders' equity SAMPSON COMPANY Income Statement For Year Ended December 31, 2011 $145,000 108,000 Net sales Cost of sales Gross proft Other expenses Profit before taxes Tax expense Net income 6,000 31,000 12,000 19,000 Other data: 1. Dividends paid in cash during 2011 were $21,000 2. Depreciation is included in the cost of sales. 3. The change in the accumulated depreciation account is the depreciation expense for the year (continued)

 

Mar 17 2020 Read more Less More

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