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Q1) 20X8 comparative balance sheet and income statement of Genie Marketing, Inc., follows, Genie had no noncash investing and financing transactions in 20X8. In the year, there were no sales of land or equipment, no issuances of notes payable, no retirements of stock, and no treasury stock transactions.

How will what you learned in this problem help you estimate the investment and variable costing Plant assets:

Comparative Balance Sheet
  20X8 20X7 Increase (Decrease)
Current assets:
Cash and cash equivalents $8,700 $15,600 ($6,900)
Accounts receivanle 46,500 43,100 3,400
Interest receivable 600 900 (300)
Inventories 94,300 89,900 4,400
Prepaid expenses 1,700 2,200 (500)
Plant assets:
Land 35,100 10,000 25,100
Equipment, net 100,900 93,700 7,200
Total assets $287,800 $225,400 $32,400
Current liabilities:
Accounts payable $16,400 $17,900 ($1,500)
Interest payable 6,300 6,700 (400)
Salary payable 2,100 1,400 700
Other accured liabilities 18,100 18,700 (600)
Income tax payable 6,300 3,800 2,500
Long-term liabilities:
Notes payable 55,000 65,000 (10,000)
Stockholder equity:
Common stock, no=par 131,100 122,300 8,800
Retained earnings 52,500 19,600 32,900
Total liabilities and stockholder\'s equity $287,800 $255,400 $32,400

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918435

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