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Exercise 5-15 Presented below is a condensed version of the comparative balance sheets for Sandhill Corporation for the last two years at December 31. 2017
Exercise 5-15
Presented below is a condensed version of the comparative balance sheets for Sandhill Corporation for the last two years at December 31.
2017 | 2016 | |||||
Cash | $ 247,800 | $ 109,200 | ||||
Accounts receivable | 252,000 | 259,000 | ||||
Investments | 72,800 | 103,600 | ||||
Equipment | 417,200 | 336,000 | ||||
Accumulated Depreciation-Equipment | (148,400 | ) | (124,600 | ) | ||
Current liabilities | 187,600 | 211,400 | ||||
Common stock | 224,000 | 224,000 | ||||
Retained earnings | 429,800 | 247,800 |
Additional information: Investments were sold at a loss of $14,000; no equipment was sold; cash dividends paid were $42,000; and net income was $224,000.
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