-0- 42.000 P13-6A The comparative, elassified statement of financial position for Sylvester Ud.shows the following balances at December 31 2018 2017 Assets Cash $ 23,000 Accounts receivable 25.000 36,000 Inventory 55.000 34.000 Land 100.000 110.000 Buildings 527.000 263.000 Accumulated depreciation buildings (67.000) (100,000) 85.000 40,000 Equipment Accumulated depreciation equipment (18,000) (10,000) Total assets S700.000 $39.000 Libilities and Shareholderuity Bankowraft -O S 8.000 Accounts payable 26.000 Income tax pavable 3.000 2.000 Interest payable 6,000 7,000 Dividends payable 3.000 1,000 Bank loan payable current portion 20.000 20.000 Bank loan payable-no-current portion 380,000 212.000 Comman shares 105.000 88,000 Retained earnings 50.000 30.000 Total liabilities and shareholders equity $709,000 $394,000 Additional information regarding 2018: 1. Net income was $57.000. 2. Again of $7.000 was recorded on the disposal of a small parcel of land. No land was purchased during the sear. 3. Again on disposal of $38.000 was recorded when an old building was sold for $50.000 cash. A new building was purchased for $36.000 and depreciation expense on buildings for the year was $55.000 4 Equipment costing $65.Do was purchase while a loss of $4.000 was recorded on equipment that was sold Wave updated our read aloud feature Statharina destina frutave 34.000 55.000 Inventory Land 100,000 110,000 Buildings 527.000 263.000 Accumulated depreciation-buildings (67.000) (100,000) Equipment 85.000 40.000 Accumulated depreciation equipment (18,000) (10.000) Total assets $709,000 $394.000 Llabilities and Shareholders Equity Bank overdraft $ 0- 8,000 Accounts payable 43.000 26,000 Income tax payable 3.000 2,000 Interest payable 6.000 7.000 Dividends payable 3.000 1,000 Bank loan payable--current portion 26,000 20,000 Bank loan payable--non-current portion 380,000 212.000 Common shares 198.000 88,000 Retained earnings 50,000 30,000 Total liabilities and shareholders' equity $700.000 $294.000 Additional information regarding 2018: 1. Net income was $57.000. 2. A gain of 57.000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. A gain on disposal of $38,000 was recorded when an old building was sold for $50,000 cash. A new building was purchased for $364.000 and depreciation expense on buildings for the year was $55,000. 4. Equipment costing $65.000 was purchased while a loss of $4,000 was recorded on equipment that was sold for $5.000. The equipment that was sold late in the year had acumulated depreciation of $11,000. 5. The company took out $210,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company We've updated our read aloud feature! Gelatore es so you get the best experience on our website. By using our site, you are agreeing to our Cookie Policy. Accept & Close