The following information was obtained from the records of Shae, Inc. 99,000 Merchandise inventory 110,000 Notes payable (long-term) 330,000 Sales 198,000 Buildings and equipment Selling, general, and administrative expenses 33,000 49,500 Accounts receivable 140,000 Common stock (20,000 shares) 24,090 Income tax expense 165,516 Cash Retained earnings, 1/1/13 86,100 6,600 Accrued liabilities Cost of goods sold 198.000 Accumulated depreciation 89, 100 Interest expense 18, 700 33,000 Accounts payable Dividends declared and paid during 2013 8,994 Except as otherwise indicated assume that all balance sheet items reflect account balances at December 31, 2013, and that all income statement items reflect activities that occurred during the year ended December 31, 2013 There were no changes in paid-in during the year
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