Question
Cashflow Statment Alexander Company Comparative Balance Sheets December 31, 2013 and December 13, 2014 Assets 2013 2014 Difference Cash 40,000 334,000 294,000 Accounts Receivable 255,000
| Cashflow Statment | |||
| Alexander Company | |||
| Comparative Balance Sheets | |||
| December 31, 2013 and December 13, 2014 | |||
| Assets | 2013 | 2014 | Difference |
| Cash | 40,000 | 334,000 | 294,000 |
| Accounts Receivable | 255,000 | 215,000 | (40,000) |
| Inventory | 430,000 | 350,000 | (80,000) |
| Prepaid Expenses | 2,000 | 1,200 | (800) |
| Plant Property & Equipment | 1,104,000 | 1,256,000 | 152,000 |
| Accumulated Depr - Equipment | (280,000) | (366,000) | (86,000) |
| Total Assets | 1,551,000 | 1,790,200 | 239,200 |
| Liabilities & Stockholders Equity | |||
| Accounts Payable | 74,000 | 118,000 | 44,000 |
| Notes Payable (Current) | 160,000 | 60,000 | (100,000) |
| Accrued Liabilities | 51,000 | 67,000 | 16,000 |
| Mortgage Payable | 560,000 | 720,000 | 160,000 |
| Common Stock $10 par value | 400,000 | 400,000 | - |
| Retained Earnings | 306,000 | 425,200 | 119,200 |
| Total Liabilities & S/E | 1,551,000 | 1,790,200 | 239,200 |
| Additional information: | |||
| 1. Net income $239,200 | |||
| 2. Depreciation expense $120,000 | |||
| 3. Sold equipment that cost $48,000 with accumulated depreciation of $34,000 at a loss of $8,000 | |||
| 4. Land and building purchased with a mortgage $200,000 | |||
| 5. Paid on the mortgage $40,000 | |||
| 6. Paid dividends $120,000 | |||
| 7. Repaid a note in the amount of $160,000 | |||
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