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In: AccountingUse the information below for ABC Co. to answer thefollowing questions (#15 – 26).Balance...Use the information below for ABC Co. to answer thefollowing questions (#15 – 26).BalanceSheet December31 2005 2004 AssetsCash $ 20,000 $ 10,000Accountsreceivable 160,000 110,000Inventories 80,000 50,000PrepaidRent 15,000 10,000Investments 100,000 75,000Plantassets 210,000 250,000Accumulateddepreciation (65,000) (60,000) Total $520,000 $445,000Liabilities and Stockholders' EquityAccountspayable $ 50,000 $ 40,000Interestpayable 20,000 5,000Income taxpayable 5,000 10,000Notepayable 130,000 140,000Commonstock 155,000 100,000Retainedearnings 160,000 150,000 Total $520,000 $445,000Income StatementFor the Year Ended December 31, 2005Sales $800,000Cost of goodssold 480,000GrossProfit 320,000 Operating expenses (including DepreciationExpense) 120,000Interestexpense 20,000Income taxexpense 25,000 Total 165,000Income before Gains andLosses 155,000Gain on sale of plantassets 5,000 Netincome $ 160,000Additional information:Accounts payable pertain to the purchase of inventory.Plant assets were sold for $40,000. The cost of the plant assetswas $40,000.All dividends are cash.For the year 2005:Cash received/collected from customers is:Purchases for the year is:Cash paid to suppliers is:Depreciation expense is: