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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

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 20GI

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Selected financial information for Frank Corporation is presented below. Selected 2017 transactions are as follows: a. Purchased investment securities for $5,200 cash. b. Borrowed $15,400 on a two-year, 8 percent interest-bearing note. c. During 2017, sold machinery for its carrying amount; received $11,300 in cash. d.Purchased machinery for $50,400; paid $9,200 in cash and signed a four- year note payable to the dealer for $41,200. e. Declared and paid a cash dividend of $10,200 on December 31, 2017. Selected account balances at December 31, 2016 and 2017 are as follows: December 31 2017 2016 $ 77,400 $21,200 Cash Accounts receivable Inventory Accounts payable Accrued wages 17,200 52,200 7,200 12,100 60,400 10,400 900 1,200 payable Income taxes payable 5,200 3,100 One-fourth of the sales and one-third of the purchases were made on credit. FRANK CORPORATION Statement of Earnings For the Year Ended December 31, 2017 $404,000 270,000 Sales revenue Cost of sales Gross profit Expenses…
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Fringe benefits are reported as on the income statement. Multiple Choice Assets Expenses Liabilities Revenues