Here Is Data from Cellular Communications, Inc Required:
A

question 19

Essay

Here is data from Cellular Communications, Inc.
$\begin{array}{lll}&\text { December } 31\\\text { BALANCE SHEET ITEMS }&\text { Year } 7&\text { Year } 6\\\text { Accounts Payable } & \$ 5,219 & \$ 7,873 \\\text { Accounts Receivable } & 58,363 & 48,645 \\\text { Bonds Payable (due Year 20) } & 10,313 & 4,602 \\\text { Cash } & 821 & 668 \\\text { Common Stock } & 560 & 540 \\\text { Income Taxes Payable } & 414 & 580 \\\text { Inventories } & 33,305 & 30,752 \\\text { Other Current Assets } & 2,681 & 742 \\\text { Other Current Liabilities } & 185 & 1,115 \\\text { Other Noncurrent Assets } & 90 & 152 \\\text { Property, Plant, and Equipment } & 21,881 & 15,972 \\\text { Retained Earnings } & 99,969 & 81,627 \\\text { Salaries Payable } & 481 & 594\end{array}$

$\begin{array}{ll}\text { INCOME STATEMENT ITEMS }&\text { Year } 7\\\hline \text { Administrative Expense } & \$ 20,588 \\\text { Cost of Goods Sold } & 246,864 \\\text { Income Tax Expense } & 7,267 \\\text { Interest Expense } & 1,803 \\\text { Sales Revenue } & 361,026 \\\text { Salary and Wage Expense } & 21,367 \\\text { Selling Expense } & 44,795\end{array}$ Required:
a.Prepare a comparative balance sheet for Cellular Communications Inc. as of December 31, Year 6 and Year 7. Classify each balance sheet item into one of the following categories: current assets, noncurrent assets, current liabilities, noncurrent liabilities, and shareholders' equity.

b.Prepare an income statement for Cellular Communications Inc. for Year 7.

c.Prepare a schedule explaining the change in retained earnings between the beginning and the end of Year 7.

d.Compare the amounts on Cellular Communications Inc. balance sheet on December 31, Year 6, and December 31, Year 7. Identify the major changes and suggest possible explanations for the changes.

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Definitions:

Unjust Enrichment

A legal principle that occurs when one person is unfairly enriched at the expense of another, and the law demands restitution to the aggrieved party.

Executory Contract

A contract under which both parties have not yet fully performed their contractual obligations.

Genuine Contracts

Contracts that are legally binding and enforceable, characterized by mutual assent, consideration, capacity, and legality.

Implied in Fact Contracts

Contracts arising from the conduct of the parties, indicating a mutual intention to contract, without explicit verbal agreement.