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Expropriation of property by a foreign government.
Losses attributed to a labor strike.
Write-down of inventories.
Gains or losses from sales of equipment.
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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