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Here are comparative balance sheets for Syal Company. SYAL COMPANY Comparative Balance Sheets December 31 Assets 2012 2011 Cash $72,600 $22,270 Accounts receivable 85,590 76,280
Here are comparative balance sheets for Syal Company.
SYAL COMPANY Comparative Balance Sheets December 31 | ||||||
Assets | 2012 | 2011 | ||||
Cash | $72,600 | $22,270 | ||||
Accounts receivable | 85,590 | 76,280 | ||||
Inventory | 169,910 | 189,000 | ||||
Land | 75,730 | 101,590 | ||||
Equipment | 259,630 | 199,840 | ||||
Accumulated depreciation%u2014equipment | (66,330 | ) | (31,530 | ) | ||
Total | $597,130 | $557,450 | ||||
Liabilities and Stockholders%u2019 Equity | ||||||
Accounts payable | $39,360 | $47,480 | ||||
Bonds payable | 150,770 | 203,850 | ||||
Common stock ($1 par) | 217,390 | 172,210 | ||||
Retained earnings | 189,610 | 133,910 | ||||
Total | $597,130 | $557,450 |
1. | Net income for 2012 was $103,740. | |
2. | Cash dividends of $48,040 were declared and paid. | |
3. | Bonds payable amounting to $53,080 were redeemed for cash $53,080. | |
4. | Common stock was issued for $45,180 cash. | |
5. | No equipment was sold during 2012, but land was sold at cost. |
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