Use the following selected data and additional information to answer the questions that follow:
$\begin{array}{lrr}\text { Balance Sheet Data }&2014&2013\
\text { Accounts receivable } & \$ 36,000 & \$ 42,000 \
\text { Inventories } & 28,000 & 25,000 \
\text { Accounts payable } & 31,000 & 35,000 \
\text { Salaries payable } & 2,000 & 1,000 \
\text { Equipment } & 60,000 & 40,000 \
\text { Accumulated depreciation } & 12,000 & 16,000 \
\text { Bonds payable } & 50,000 & 100,000 \
\text { Common stock } & 150,000 & 100,000 \
\text { Retained earnings } & 38,000 & 20,000
\end{array}$ Additional information:

Question

Use the following selected data and additional information to answer the questions that follow:
 $\begin{array}{lrr}\text { Balance Sheet Data }&2014&2013\
\text { Accounts receivable } & \$ 36,000 & \$ 42,000 \
\text { Inventories } & 28,000 & 25,000 \
\text { Accounts payable } & 31,000 & 35,000 \
\text { Salaries payable } & 2,000 & 1,000 \
\text { Equipment } & 60,000 & 40,000 \
\text { Accumulated depreciation } & 12,000 & 16,000 \
\text { Bonds payable } & 50,000 & 100,000 \
\text { Common stock } & 150,000 & 100,000 \
\text { Retained earnings } & 38,000 & 20,000
\end{array}$  Additional information:

Quizplus · Accepted Answer

The Answer of Use the following selected data and additional information to answer the questions that follow:
 $\begin{array}{lrr}\text { Balance Sheet Data }&2014&2013\
\text { Accounts receivable } & \$ 36,000 & \$ 42,000 \
\text { Inventories } & 28,000 & 25,000 \
\text { Accounts payable } & 31,000 & 35,000 \
\text { Salaries payable } & 2,000 & 1,000 \
\text { Equipment } & 60,000 & 40,000 \
\text { Accumulated depreciation } & 12,000 & 16,000 \
\text { Bonds payable } & 50,000 & 100,000 \
\text { Common stock } & 150,000 & 100,000 \
\text { Retained earnings } & 38,000 & 20,000
\end{array}$  Additional information:

Use the Following Selected Data and Additional Information to Answer