29 Jun Question Presented below are the financial statements of Rajesh Company.
QuestionQuestion
Presented below are the financial statements of Rajesh Company.
Presented below are the financial statements of Rajesh Company.
Rajesh Company
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash $37,390
$19,470
Accounts receivable 32,220
19,490
Inventory 29,940
20,610
Equipment 59,580
77,930
Accumulated depreciation—equipment (29,760)
(23,270)
Total $129,740
$114,230
Liabilities and Stockholders’ Equity
Accounts payable $28,930
$16,610
Income taxes payable 7,050
8,250
Bonds payable 27,410 32,660
Common stock 17,450
13,400
Retained earnings 48,900
43,310
Total $129,740 $114,230
Rajesh Company
Income Statement
For the Year Ended December 31, 2014
Sales revenue $242,840
Cost of goods sold 176,320
Gross profit 66,520
Operating expenses 23,240
Income from operations 43,280
Interest expense 2,900
Income before income taxes 40,380
Income tax expense 8,180
Net income $32,200
Additional data:
1. Depreciation expense is 15,060.
2. Dividends declared and paid were $26,610.
3. During the year equipment was sold for $9,780cash. This equipment c
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