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(Solution Download) The income statement, balance sheet, and additional information for Video Phones, Inc., are provided


 

 

 

 

 

 

 

The income statement, balance sheet, and additional information

 

for Video Phones, Inc., are provided.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIDEO PHONES, INC.

 

Income Statement

 

For the Year Ended December 31, 2015

  Net sales$3,386,000
  Expenses:

 

       Cost of goods sold

$

 

2,200,000  

 

       Operating expenses

 

908,000  

 

       Depreciation expense

 

32,000  

 

       Loss on sale of land

 

8,500  

 

       Interest expense

17,500

 

       Income tax expense

53,000

 

          Total

 

expenses

3,219,000
  Net income$167,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIDEO PHONES, INC.

 

Balance Sheet

 

December 31

 

2015

 

2014

  Assets
  Current assets:

 

     Cash

$270,300

 

  

$185,900

 

  

 

     Accounts receivable

86,500

 

  

65,000

 

  

 

     Inventory

105,000

 

  

140,000

 

  

 

     Prepaid rent

13,200

 

  

6,600

 

  

  Long-term

 

assets:

 

     Investments

110,000

 

  

0

 

  

 

     Land

215,000

 

  

250,000

 

  

 

     Equipment

280,000

 

  

215,000

 

  

 

     Accumulated depreciation

(75,000)(43,000)

 

        Total assets

$1,005,000

 

  

$819,500

 

  

  Liabilities and

 

Stockholders' Equity

  Current

 

liabilities:

 

     Accounts payable

$70,500

 

  

$86,000

 

  

 

     Interest payable

6,500

 

  

11,000

 

  

 

     Income tax payable

15,500

 

  

14,500

 

  

  Long-term

 

liabilities:

 

     Notes payable

295,000

 

  

230,000

 

  

  Stockholders'

 

equity:

 

     Common stock

350,000

 

  

350,000

 

  

 

     Retained earnings

267,500

 

  

128,000

 

  

 

        Total liabilities

 

and stockholdersA????1 equity

$1,005,000

 

  

$819,500

 

  

 

 


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