Gains or losses from sales of equipment. 14- Multiple Choice Question 122
The following information pertains to Sampson Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
Assets Cash and short-term investments $ 45,000 Accounts receivable( net) 25,000 Inventory 20,000 Property, plant and equipment 210,000 Total Assets $ 300,000 Liabilities and Stockholders’ Equity Current liabilities $ 50,000 Long-term liabilities 90,000 Stockholders’ equity— common 160,000 Total Liabilities and Stockholders’ Equity $ 300,000 Income Statement Sales $ 120,000 Cost of goods sold 66,000 Gross profit 54,000