ScholarMatic: Explanation & Answer
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Show transcribed image text Aarons Corporatiorn Balance Sheets At December 31 2015 2014 Assets Cash Accounts receivable Merchandise inventory Long-term investments Equipment Accumulated depreciation $24,640 32,180 73,125 55,900 175,500 (33.550 $327.795 $23,040 29.400 61,710 56,400 145,500 Total assets Liabilities: $40,380 $65,000 10,725 Accounts payable Income taxes payable Bonds payable 10,200 $124,475 $116,580 Total liabilities uity Common stock Paid-in capital in excess of par 117,000 13,000 96,000 9,000 63,270 Total equity Total liabilities and equity $203.320 327.795 $284.850 Aarons Corporation Income Statement For Year Ended December 31, 2013 $240,000 Sales Cost of goods sold Depreciation expense Other operating expenses Interest expense Other gains (losses): $80,900 29,400 48,000 (160,300) (8,400) Loss on sale of equipment Income before taxes Income taxes expense Net income 71,300 $43,650
Aarons Corporatiorn Balance Sheets At December 31 2015 2014 Assets Cash Accounts receivable Merchandise inventory Long-term investments Equipment Accumulated depreciation $24,640 32,180 73,125 55,900 175,500 (33.550 $327.795 $23,040 29.400 61,710 56,400 145,500 Total assets Liabilities: $40,380 $65,000 10,725 Accounts payable Income taxes payable Bonds payable 10,200 $124,475 $116,580 Total liabilities uity Common stock Paid-in capital in excess of par 117,000 13,000 96,000 9,000 63,270 Total equity Total liabilities and equity $203.320 327.795 $284.850 Aarons Corporation Income Statement For Year Ended December 31, 2013 $240,000 Sales Cost of goods sold Depreciation expense Other operating expenses Interest expense Other gains (losses): $80,900 29,400 48,000 (160,300) (8,400) Loss on sale of equipment Income before taxes Income taxes expense Net income 71,300 $43,650
ScholarMatic: Explanation & Answer
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