Question
find the differences in the accounts Balance Sheets December 31, 2013 and December 13, 2014 Assets 2013 2014 Difference in the accounts Assets 2013 2014
find the differences in the accounts Balance Sheets December 31, 2013 and December 13, 2014 Assets 2013 2014 Difference in the accounts
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 | |||
8. Issued a note payable $60,000 |
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