ZEUS COMPANY COMPARATIVE INCOME STATEMENT For the years 2019 and 2018 2019 2018 Rate of Inc(Dec) (0.50%) Sales P500,000.00 Cost of Goods Sold 50% ? P301,500,00 40% Gross Profit Operating Expenses: Salaries P95,000.00 P97,000.00 Rent 25,000.00 25,000.00 Marketing Utilities Other Expenses Total Expenses 20,000.00 5% 1% 5,000.00 7,500.00 10,000.00 Net Income

ZEUS COMPANY COMPARATIVE INCOME STATEMENT For the years 2019 and 2018 2019 2018 Rate of Inc(Dec) (0.50%) Sales P500,000.00 Cost of Goods Sold 50% ? P301,500,00 40% Gross Profit Operating Expenses: Salaries P95,000.00 P97,000.00 Rent 25,000.00 25,000.00 Marketing Utilities Other Expenses Total Expenses 20,000.00 5% 1% 5,000.00 7,500.00 10,000.00 Net Income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Avery Corporation Balance Sheet For year ending December 31 2019 2020 2021 ssets Cash & securities 17,643.813 132,468.629 22,281.616 115,121.68 27,594.924 ccounts receivable 112,479.309 100,955.129 10,947.986 251,977.349 ventories 78,867.845 90,512.493 10,222.209 239,202.497 repaid expenses 10,426.653 otal current assets 238,342.442 Flant property and equipment Lcumulated depreciation let property plant and equipment 531,554.881 510,906.018 536,451.319 87,197.29 128,069.772 170,985.877 444,357.591 382,836.246 365,465.442 Other assets 10,222.209 15,639.98 16,421.979 otal Assets 693,782.297 636,818.669 633,864.769 iabilities & Shareholders'Equity ccounts payable ank Loan axes Payable ccrued expenses 54,080.808 31,297.644 27,599.965 45,191.687 112,482.797 26,066.634 15,639.98 37,773.252 150,798.301 27,369.965 26,577.744 139,556.161 32,843.958 248,785.476 otal current liabilities 199,381.098 ong term debt 95,000 55,000 30,000 Common stock 300,000 200,000 150,000 Eetained earnings Total…
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A comparative balance sheet for Gena Company appears below:GENA COMPANYComparative Balance SheetDec. 31, 2021 Dec. 31, 2020AssetsCash $ 34,000 $11,000Accounts receivable 21,000 13,000Inventory 35,000 17,000Prepaid expenses 6,000 9,000Long-term investments -0- 17,000Equipment 60,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $136,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 17,000 $ 7,000Bonds payable 36,000 45,000Common stock 53,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $136,000 $85,000Additional information:1. Net income for the year ending December 31, 2021 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. Depreciation expense for the year was $5,000.InstructionsPrepare a full statement of cash flows for the year ended December 31, 2021, using the indirectmethod.
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