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For Year Ended December 31, 20-2 $935,000.00 515,000.00 $470,000.00 299,400.00 $170,600.00 [u Cost of goods sold Gross prot 4 Operating expenses Operating income Other revenues and expenses: 7 $5,000.00 2,100.00 (436.00} Gain on sale of ofce equipment Interest revenue 6,664.00 $177,264.00 60,500.00 $115,754.00 Interest expense 10 Income before taxes H 1 Income tax expense Peachlield Corporation Statement of Retained Earnings For Year Ended December 31. 20-2 Retained earninggianuary 1, 20-2 $141,973.00 $116,764.00 Less dividends 20,000.00 4 Net increase in retained earnings 96.76400 Retained earnings, December 31, 20-2 $238,737.00 - Peachfield Corporation Comparative Balance Sheet December 31, 20-2 and 20-1 INCREASE 1 2002 2001 (DECREASE) 2 Assets 3 Current assets: 4 Cash $102,072.00 $27,200.00 $74,872.00 5 Government notes 3,600.00 12,000.00 (8,400.00) 6 Accrued interest receivable 320.00 250.00 70.00 7 Accounts receivable (net) 152,945.00 140,905.00 12,040.00 8 Merchandise inventory 355,490.00 295,400.00 60,090.00 9 Supplies and prepayments 14,500.00 21,500.00 (7,000.00) 10 Total current assets $628,927.00 $497,255.00 131,672.00 11 Property, plant, and equipment: 12 Store equipment $308,000.00 $232,800.00 75,200.00 13 Less accumulated depreciation-store equipment 108,000.00 200,000.00 84,000.00 148,800.00 24,000.00 14 Delivery equipment $270,000.00 $192,000.00 78,000.00 15 Less accumulated depreciation-delivery equipment 75,000.00 195,000.00 48,000.00 144,000.00 27,000.00 16 Office equipment $148,000.00 $203,940.00 (55,940.00) 17 Less accumulated depreciation-office equipment 38,000.00 110,000.00 36,600.00 167,340.00 1,400.00 18 Total property, plant, and equipment 505,000.00 460,140.00 44,860.00 19 Total assets $1,133,927.00 $957,395.00 176,532.00 20 Liabilities 21 Current liabilities:21 Current liabilities: 22 Notes payable $65,480.00 $54,780.00 10,700.00 23 Accounts payable 53,500.00 125,473.00 (71,973.00) 24 Income tax payable 7,000.00 5,000.00 2,000.00 25 Accrued and withheld payroll taxes 8,760.00 7,644.00 1,116.00 26 Accrued interest payable 450.00 525.00 (75.00) 27 Total current liabilities $135,190.00 $193,422.00 (58,232.00) 28 Long-term liabilities: 29 Notes payable 20,000.00 20,000.00 30 Total liabilities $155,190.00 $193,422.00 (38,232.00) 31 Stockholders' Equity 32 Common stock ($10 par, 1,000,000 shares authorized; 33 Issued: 50,000 in 20-2 and 38,800 in 20-1) $500,000.00 $388,000.00 112,000.00 34 Paid-in capital in excess of par-common stock 240,000.00 234,000.00 6,000.00 35 Retained earnings 238,737.00 141,973.00 96,764.00 36 Total stockholders' equity 978,737.00 763,973.00 214,764.00 37 Total liabilities and stockholders' equity $1,133,927.00 $957,395.00 176,532.001. Office equipment was sold during the year for $75,000. Cost $80,000 Accumulated depreciation (10,000) Book value $70,000 Market value 75,000 Gain on sale $5,000 2. Depreciation expense for the year was $62,400 as follows: Store equipment $24,000 Delivery equipment 27,000 Office equipment 11,400 $62,400 3. No other equipment was sold during the year. The following purchases were made for cash. Store equipment $55,200 Delivery equipment |78,000 Office equipment 24,060 $157,260\fPeachfield Corporation Statement of Cash Flows (Label) Cash flows from operating activities: Adjustments for changes in current assets and liabilities related to operating activities: Noncash expenses and other adjustments: Cash flows from investing activities:16 Cash flows from investing activities: 17 18 19 20 21 22 Cash flows from financing activities: 23 24 25 26 27 28 Cash and cash equivalents, January 1, 20-2 29 Cash and cash equivalents, December 31, 20-2 30 Schedule of Noncash Investing and Financing Activities: (9 31 32 Supplemental Disclosures of Cash Flow Information: 33 Cash paid during the year for interest 34 Cash paid during the year for income taxes
