Question
Analysts following the Tomkovick Golf Company were given the following information for the years ended December 31st, 2014 and December 31st 2013: 2014 2013 Assets
Analysts following the Tomkovick Golf Company were given the following information for the years ended December 31st, 2014 and December 31st 2013: 2014 2013 Assets Cash and marketable securities $ 33,411 $ 16,566 Accounts receivable 260,205 318,768 Inventory 423,819 352,740 Other current assets 41,251 29,912 Total current assets $ 758,686 $ 717,986 Plant and equipment 1,931,719 1,609,898 Less: Accumulated depreciation (419,044) (206,678) Net plant and equipment $1,512,675 $1,403,220 Goodwill and other assets 382,145 412,565 Total assets $2,653,506 $2,533,771 Page 3 of 4 Liabilities and Stockholders Equity 2014 2013 Accounts payable and accruals $ 378,236 $ 332,004 Notes payable 14,487 7,862 Accrued income taxes 21,125 16,815 Total current liabilities $ 413,848 $ 356,681 Long-term debt 679,981 793,515 Total liabilities $1,093,829 $1,150,196 Preferred stock __ __ Common stock (10,000 shares) 10,000 10,000 Additional paid-in capital 975,465 975,465 Retained earnings 587,546 398,110 Less: Treasury stock (13,334) __ Total common equity $1,559,677 $1,383,575 Total liabilities and stockholders equity $2,653,506 $2,533,771
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