Use the Motorcars of Phoenix data in Short Exercise S12 7

#6003
Use the Motorcars of Phoenix data in Short Exercise S12-7 to compute.a. New borrowing or
payment of long-term notes payable. Motorcars of Phoenix had only 1 long-term note payable
transaction during the year.b. Issuance of common stock or retirement of common stock.
Motorcars of Phoenix had only 1 common stock transaction during the year.c. Payment of cash
dividends (same as dividends declared).Data in Short Exercise S12-7Motorcars of Phoenix,
Inc.Income StatementYear Ended December 31, 20X6 (In thousands)Sales revenue
............................ $710Cost of goods sold.................... $340Salary expense..........................
70Depreciation expense ............... 20Other expenses......................... 130Total
expenses.......................... 560Net income .............................. $150
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Use the Motorcars of Phoenix data in Short Exercise S12 7

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