Your Perfect Assignment is Just a Click Away
We Write Custom Academic Papers

100% Original, Plagiarism Free, Customized to your instructions!

glass
pen
clip
papers
heaphones

ACC 203 Condensed financial data of Saffordville Company are shown below

ACC 203 Condensed financial data of Saffordville Company are shown below

ACC 203 Condensed financial data of Saffordville Company are shown below

SAFFORDVILLE COMPANY
Comparative Balance Sheets
December 31
Assets 2017 2016
Cash $102,700 $ 33,400
Accounts receivable 60,800 37,000
Inventory 126,900 102,650
Investments 79,500 107,000
Equipment 315,000 205,000
Accumulated depreciation—equipment (44,500) (40,000)
Total $640,400 $445,050
Liabilities and Stockholders’ Equity
Accounts payable $ 57,700 $ 48,280
Accrued expenses payable 15,100 18,830
Bonds payable 145,000 70,000
Common stock 250,000 200,000
Retained earnings 172,600 107,940
Total $640,400 $445,050

SAFFORDVILLE COMPANY
Income Statement
For the Year Ended December 31, 2017
Sales revenue $297,500
Gain on disposal of plant assets 5,000
302,500
Less:
Cost of goods sold $99,460
Operating expenses, excluding
depreciation 19,670
Depreciation expense 30,500
Income tax expense 37,270
Interest expense 2,940 189,840
Net income $112,660

Additional information:

1.   New equipment costing $146,000 was purchased for cash during the year.
2.   Investments were sold at cost.
3.   Equipment costing $36,000 was sold for $15,000, resulting in a gain of $5,000.
4.   A cash dividend of $48,000 was declared and paid during the year.

Course: ACC 203 Managerial Accounting
School: Community College of Alleghany County

  • : 31/05/2017
  • : 20

Order Solution Now

Our Service Charter

1. Professional & Expert Writers: Sight Writers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Sight Writers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Sight Writers is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Sight Writers, we have put in place a team of experts who answer to all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.