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Exercise 194 (Part Level Submission) The comparative balance sheets for Russell Company appear below: RUSSELL COMPANY Comparative Balance Sheet Dec. 31, 2017 Dec. 31, 2016
Exercise 194 (Part Level Submission) The comparative balance sheets for Russell Company appear below: RUSSELL COMPANY Comparative Balance Sheet Dec. 31, 2017 Dec. 31, 2016 Assets Cash Accounts receivable Inventory Prepaid insurance Stock investments Equipment Accumulated depreciation-equipment $38,000 18,000 25,000 7,000 $13,000 14,000 15,000 9,000 18,000 30,000 (14,000) $85,000 60,000 (18,000) Total assets $130,000 Liabilities and Stockholder's Equity Accounts payable Bonds payable Common stock Retained earnings $25,000 37,000 40,000 28,000 $130,000 $7,000 45,000 23,000 10,000 $85,000 Total liabilities and stockholder's equity Additional information: 1. Net income for the year ending December 31, 2017, was $30,000 2. Cash dividends of $12,000 were declared and paid during the year 3. Stock investments on balance sheet that had a book value of $18,000 were sold for $13,000 4. Sales for 2017 are $130,000
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