Kearin Corporation has provided the following financial data: Year 1 Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: Cash 33,000 Accounts receivable, net 281,000 Inventory 122,000 Prepaid expenses 68,000 Total current assets 504,000 Plant and equipment, net 1,016,000 Total assets $1,520,000 $ 100,000 250,000 130,000 80,000 560,000 980,000 $1,540,000 $ Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock, $5 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity 80,000 31,000 56,000 167,000 260,000 427,000 $ 100,000 30,000 70,000 209,000 260,000 460, eee 580, 280 70,000 523,000 1,093,000 $1,520,000 500,000 78,000 510,000 1,080,000 $1,540,880 Income Statement For the Year Ended December 31, Year 2 Sales (all on account) $1,300,000 Cost of goods sold 800,000 Gross margin 500.000 BE Type here to search Kearin Corporation has provided the following financial data: Year 1 Balance Sheet December 31, Year 2 and Year 1 Assets Year 2 Current assets: Cash 33,000 Accounts receivable, net 281,000 Inventory 122,000 Prepaid expenses 68,000 Total current assets 504,000 Plant and equipment, net 1,016,000 Total assets $1,520,000 $ 100,000 250,000 130,000 80,000 560,000 980,000 $1,540,000 $ Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock, $5 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity 80,000 31,000 56,000 167,000 260,000 427,000 $ 100,000 30,000 70,000 209,000 260,000 460, eee 580, 280 70,000 523,000 1,093,000 $1,520,000 500,000 78,000 510,000 1,080,000 $1,540,880 Income Statement For the Year Ended December 31, Year 2 Sales (all on account) $1,300,000 Cost of goods sold 800,000 Gross margin 500.000 BE Type here to search