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Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2017. Also shown is a partially completed
Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2017. Also shown is a partially completed comparative balance sheet as of December 31, 2017 and 2016:
Required:
a. Complete the December 31, 2017 and 2016, balance sheets.
b. Complete the statement of changes in retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)
Required a. Complete the December 31, 2017 and 2016, balance sheets HARTFORD, INC Comparative Balance Sheets At December 31, 2017 and 2016 2017 2016 Assets Current assets: Cash Accounts receivable Inventory $ 96,800 80,300 61,600 Total current assets Land 44,000 Buildings and equipment 286,000 Less: Accumulated depreciation (135,300) Total land, buildings and equipment Total assets Liabilities Current liabilities $ 31,900 Accounts payable Short-term debt Notes payable Total current liabilities 35,200 39,600 $ 93,500 Long-term debt Stockholders' Equity: Common stock Retained earnings $44,000 Total stockholders' equity Total liabilities and stockholders' equity b. Complete the statement of changes in retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) HARTFORD, INC Statement of Changes in Retained Earnings For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 Retained earnings, December 31, 2017
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