Additional Information on Current Year Transactions
a The loss on the cash sale of equipment was $details in
b Sold equipment costing $ with accumulated depreciation of $ for $ cash.
c Purchased equipment costing $ by paying $ cash and signing a longterm note payable for the balance
d Borrowed $ cash by signing a shortterm note payable.
e Paid $ cash to reduce the longterm notes payable.
f Issued shares of common stock for $ cash per share.
g Declared and paid cash dividends of $ Ryan Company's current year income statement, comparative balance sheets, and additional information follow. For the year,
all sales are credit sales, all credits to Accounts Receivable reflect cash receipts from customers, all purchases of
inventory are on credit, all debits to Accounts Payable reflect cash payments for inventory, and Other Expenses are paid
in advance and are initially debited to Prepaid Expenses.
