AT&T; 11:01 AM edugen.wileyplus.com 78% D Condensed financial data of Oakley Com
ID: 2766308 • Letter: A
Question
AT&T; 11:01 AM edugen.wileyplus.com 78% D Condensed financial data of Oakley Company appear below OAKLEY COMPANY Comparative Balance Sheets December 31 2014 2015 $82,700 90,800 126,900 84,500 $47,250 57,000 102,650 87,000 55,000 205,000 Cash Accounts receivable Inventory (49,500) (40,000) S90,400 458,900 Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $57,700 48,280 18,830 70,000 250,000 200,000 170,600 121.790 458,900 12,100 100,000 $590,400 OAKLEY COMPANY Income Statement For the Year Ended December 31, 2015 Sales revenue Gain on disposal of equipment $297,500 8,750 306,250 Less $99,460 14,670 49,700 7,270 Cost of goods sold Operating expenses (excluding depreciation expense) Depreciation expense Income tax expense Interest expense 2,940 174,040 $122.10 Net income Additional information: 1. Equipment costing $97,000 was purchased for cash during the year 2. Investments were sold at cost. 3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750 4. A cash dividend of $83,400 was declared and paid during the year.Explanation / Answer
WE summarise as follows
Each account has been properly summarized for your reference . USing this detail you can take your question forward
Cash Debit Credit Balance beginning 47250 Paid to supplier 114290 Received from receivables 263700 Paid to expense 31610 Sale of investments 2500 issue of Common stock 50000 issue of Bonds Payable 30000 Equipment sold 15550 Equipment purchased 97000 Cash Dividend 83400 Balance ending 82700 Total 409000 409000 0 Accounts receivables Debit Credit Balance beginning 57000 Sale 297500 Cash received 263700 Balance ending 90800 Total 354500 354500 Inventory Debit Credit Balance beginning 102650 CoGS 99460 Purchase 123710 Balance ending 126900 Total 226360 226360 Accounts Payable Debit Credit Balance beginning 48280 Purchase 123710 Cash 114290 Balance ending 57700 Total 171990 171990 Accrued expenses payable Debit Credit Balance beginning 18830 Expenses incurred 24880 (Other then depreciation) Cash 31610 Balance ending 12100 Total 43710 43710 Equipment Debit Credit Balance beginning 205000 Purchase 97000 Sale 47000 Balance ending 255000 Total 302000 302000 Accumulated depreciation Debit Credit Balance beginning 40000 Depreciation expense 49700 Depreciation on sale 40200 Balance ending 49500 Total 89700 89700 Retained earnings Debit Credit Balance beginning 121790 Net Income 132210 Cash Dividend 83400 Balance ending 170600 Total 254000 254000