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P13-5B The income statement and unclassified statement of financial position for Nackawic Inc. follow: ...

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Accounting

P13-5B The income statement and unclassified statement of financial position for Nackawic Inc. follow:

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NACKAWIC INC. Statement of Financial Position December 31 2018 201 Assets Cash Accounts receivable Inventory Long-term investments Equipment Accumulated depreciation Total assets $ 82,700 47,250 37,000 131,900 102,650 94,500 107,000 290,00O 205,000 (49.500) (40,000) $630-400 S458,900 80,800 Accounts payable Accrued liabilities 62,700 $48,280 18,830 12,100 Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity 70,000 240,000 200,000 175600 121,790 $458,900 140,000o $630,400 NACKAWIC INC Income Statement Year Ended December 31, 2018 Sales Cost of goods sold Gross proft Operating expenses Income from operations Other revenues and expenses Interest expense Realized loss on sale of long-term investments Income before income tax Income tax expense Net income $317,500 99,460 218,040 82,120 135,920 $12,940 7.500 20,440 115,480 27,670 s 87,810

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