# Statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES,...

###### Question:

statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 2,756,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $1,700,000 808,000 22,000 7,500 12,500 43,000 2,593,000 Total expenses Net income S 163,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent$ 172,900 102,700 55,000 130,000 4,800 75,500 105,000 9,600 Long-term assets: 100,000 205,000 260,000 (63,000) Investments Land 230,000 205,000 (41,000) Total assets 865,000 $686,500 Liabilities and Stockholders Equity Current liabilities: Accounts payable Interest payable 61,500$ 76,000 9,000 13,500 5,500 14,500 275,000 250,000 Income tax payable Long-term liabilities: Notes payable Stockholders' equity Common stock Retained eanings 220,000 250,000 118,000 258,500 Total liabilities and stockholders' equity 865,000 686,500

#### Similar Solved Questions

##### Acid-Base Titrations 4. What is the pH of a solution after 22.5mL of 0.20 M HCI...
Acid-Base Titrations 4. What is the pH of a solution after 22.5mL of 0.20 M HCI is added to 30.0mL of 0.15 M (CH),NH a. Calculate the moles of HCI and (CH),NH and total volume of the solution (assuming volumes are additive). Where are you in the titration? b. Write the reaction between HCl and (CH),...
##### A cantilever type gate hinged at Q is shown in the figure. P and R are...
A cantilever type gate hinged at Q is shown in the figure. P and R are the centers of gravity of the cantilever part and the counterweight respectively. The mass of the cantilever part is 75 kg. The mass of the counter weight, for static balance, is .Q 0.5 m 2.0 m...
##### An auto manufacturer claims that the average length of time that one of its cars is...
An auto manufacturer claims that the average length of time that one of its cars is owned before it requires a major repair is at least seven years. Assume that a survey of ten owners of the manufacture's cars finds that they went an average of 6 years before a major repair and the sample standa...
##### A poilitical surevy was conducted where 850 participants responded to the questions (1) Political Affilation and...
A poilitical surevy was conducted where 850 participants responded to the questions (1) Political Affilation and (2) Do you think the federal goverment should supply free contraceptives to adult females. Of those 850, 662 identified them selves as either democrats or republicans. Those results are t...
##### I am working on my ratios and am stuck on the average collection formula and payables...
i am working on my ratios and am stuck on the average collection formula and payables turnover i know the formula for ACF is acct receivable/ annual sales / by 365 days but the figure i get is wrong Prof Ha Financial Forecasting Draw Formulas Data Review Page Layout le Home Insert View Help Ac...
##### The electron ionization mass spectrum of a small molecule is show below. This molecule contains carbon,...
The electron ionization mass spectrum of a small molecule is show below. This molecule contains carbon, but is NOT a hydrocarbons. Draw the structure of this molecule in the box below....
##### Question 2 Two non-identical amplifiers are required to run the traffic of a satellite at full...
Question 2 Two non-identical amplifiers are required to run the traffic of a satellite at full load. Assume that amplifier 1 and amplifier 2 have constant failure rates of 2 = 0.0001 failure/hour and l = 0.0002 failure/hour respectively. Calculate this series system mean time to failure and reliabil...