Preferred stock $ 37,000 Less: Accumulated depreciation 5 3:400D Common stock 72,000 Paid in Capital 42,000 Net plant and equipment $ 213,600 Retained earnings 44,300 Total assets $ 328,300 Total liabilities and stockholders equity $ 328,300 Sales for 20X2 were $305,000, and the cost of goods sold was 55 percent of sales. Selling and administrative expense was $30,500. Depreciation expense was 10 percent of plant and equipment gross) at the beginning of the year. Interest expense for the notes payable was 12 percent, while the interest rate on the bonds payable was 14 percent. This interest expense is based on December 31, 20X1 balances. The tax rate averaged 30 percent. $3,700 in preferred stock dividends were paid, and $3,481 in dividends were paid to common stockholders. There were 10,000 shares of common stock outstanding. During 20X2, the cash balance and prepaid expenses balances were unchanged. Accounts receivable and inventory increased by 12 percent. A new machine was purchased on December 31, 20X2, at a cost of $52,000. Accounts payable increased by 20 percent. Notes payable increased by $7,700 and bonds payable decreased by $18,500, both at the end of the year. The preferred stock, common stock, and capital paid in excess of par accounts did not change. a. Prepare an income statement for 20X2. (Round EPS answer to 2 decimal places.) 5:38 LTE Done ezto.mheducation.com o E connect For December 31, 20X1, the balance sheet of Bander Corporation was as follows Sales for 20x2 were 5305 000, and the cost of goods sold was 55 percent of sales Seling and administrative expense was $30.500 Depreciation expense was 10 percent of plant and equipment (gros) at the beginning of the year Interest expense for the notes payable was 12 percent while the interest on the bonds payable was 14 percent. This interest expense is based on December 31, 20x1 balances. The tax rate averaged 30 percent $3,700 in preferred stock dividends were paid, and $3.481 in dividends were paid
Preferred stock $ 37,000 Less: Accumulated depreciation 5 3:400D Comm
Preferred stock $ 37,000 Less: Accumulated depreciation 5 3:400D Common stock 72,000 Paid in Capital 42,000 Net plant and equipment $ 213,600 Retained earnings 44,300 Total assets $ 328,300 Total liabilities and stockholders equity $ 328,300 Sales for 20X2 were $305,000, and the cost of goods sold was 55 percent of sales. Selling and administrative expense was $30,500. Depreciation expense was 10 percent of plant and equipment gross) at the beginning of the year. Interest expense for the notes payable was 12 percent, while the interest rate on the bonds payable was 14 percent. This interest expense is based on December 31, 20X1 balances. The tax rate averaged 30 percent. $3,700 in preferred stock dividends were paid, and $3,481 in dividends were paid to common stockholders. There were 10,000 shares of common stock outstanding. During 20X2, the cash balance and prepaid expenses balances were unchanged. Accounts receivable and inventory increased by 12 percent. A new machine was purchased on December 31, 20X2, at a cost of $52,000. Accounts payable increased by 20 percent. Notes payable increased by $7,700 and bonds payable decreased by $18,500, both at the end of the year. The preferred stock, common stock, and capital paid in excess of par accounts did not change. a. Prepare an income statement for 20X2. (Round EPS answer to 2 decimal places.) 5:38 LTE Done ezto.mheducation.com o E connect For December 31, 20X1, the balance sheet of Bander Corporation was as follows Sales for 20x2 were 5305 000, and the cost of goods sold was 55 percent of sales Seling and administrative expense was $30.500 Depreciation expense was 10 percent of plant and equipment (gros) at the beginning of the year Interest expense for the notes payable was 12 percent while the interest on the bonds payable was 14 percent. This interest expense is based on December 31, 20x1 balances. The tax rate averaged 30 percent $3,700 in preferred stock dividends were paid, and $3.481 in dividends were paid
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