Arch Associates reports the following comparative balance sheets and income statement information. Arch Associates Comparative Balance Sheets Cash Accounts receivable Prepaid insurance Inventory Property, plant and equipment Total assets Accounts payable Salaries payable Long term notes payable Stockholders' equity Total liabilities and equity 12/31/Year 12/31/Year 1 2 $26,000 12,000 12,000 6,000 14,000 $70,000 $16,000 8,000 14,000 32,000 $70,000 $16,000 8,000 14,000 10,000 16,000 $64,000 $12,000 14,000 16,000 22,000 $64,000

Arch Associates reports the following comparative balance sheets and income statement information. Arch Associates Comparative Balance Sheets Cash Accounts receivable Prepaid insurance Inventory Property, plant and equipment Total assets Accounts payable Salaries payable Long term notes payable Stockholders' equity Total liabilities and equity 12/31/Year 12/31/Year 1 2 $26,000 12,000 12,000 6,000 14,000 $70,000 $16,000 8,000 14,000 32,000 $70,000 $16,000 8,000 14,000 10,000 16,000 $64,000 $12,000 14,000 16,000 22,000 $64,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...

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