The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the…



The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income StatementFor the Year Ended December 31, 2018Net sales $ 3,636,000Expenses:Cost of goods sold $ 2,450,000Operating expenses 958,000Depreciation expense 37,000Loss on sale of land 9,000Interest expense 20,000Income tax expense 58,000—Total expenses 3,532,000Net income $ 104,000 VIDEO PHONES, INC. Balance Sheet December 31 AssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:InvestmentsLandEquipmentAccumulated depreciation Total assets Liabilities and Stockholders’ EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders’ equity:Common stockRetained earnings Total liabilities and stockholders’ equity 2013 2017$ 254,500 $ 227,30092,000 70,000105,000 145,00014,400 7,200115,000 0220,000 250,000290,000 220,000(31,000) (44,000)—$ 1,010,000 $ 335,000—$ 75,000 $ 91,0007,000 12,00015,000 15,000305,000 235,000400,000 400,000207,000 133,000$ 1,010,000 $ 335,000

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