Question
Not-real Corporation reported the following status as of December 31st, 2014 (in thousands of dollars): cash and security of $190, accounts receivable of $190, and
Not-real Corporation reported the following status as of December 31st, 2014 (in thousands of dollars): cash and security of $190, accounts receivable of $190, and inventory of $250. Property, plant and equipment were valued at their original cost of $610, less accumulated depreciation of $240. Current liabilities other than tax owed (see details that follow) were $140 and long-term debt was $310. Stockholders equity consists of $150 capital stock investment, and accumulated retained earnings of $130 at the end of 2011. Net sales for 2013 were $1000. Expenses include $450 cost of goods sold, $60 allowance for depreciation, $90 selling expense, and general and administrative cost of $80. Interest income and expense were $6 and $26 respectively, and income taxes for the year (unpaid at years end) were $130. Dividends had been paid in the amount of $30 at years end.
Prepare balance sheet and income statement that reflect these figures.
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