Option 1 Balance Sheet and Statement of Stockholders' Equity You are the Controller at Gander, Inc and are responsible for preparing and analyzing the balance sheet for December 31, 2018, the end of the company's fiscal year Gander Inc had the following balance sheet balances at December 31 st GANDER, INC Balance Sheet As of December 31, 2018 Cash $62,106 Accounts payable $44,616 Accounts receivable $24,948 Notes payable $46,200 Inventories $130,360 Interest payable $2,310 Plant assets (net) $150,000 Common stock $250,000 Retained earnings $24,288 Total Assets $367,414 Total Liabilities Equity $367,414 During 2018, the following occurred Customer sales on account $400,000 Received payments from customers in cash $380,000 Purchased merchandise on credit $220,000 Paid cash to vendors $230,000 Costs related to merchandise sold $170,000 Operating expenses were paid in cash $80,000 Interest paid on the note in cash $10,000 There is additional information to consider The note payable was issued on June 30, 2018, and is due in two years on June 30, 2020 Interest in the amount of 10 is paid annually on June 30 th Depreciation on the plant assets for the year is $20,000 The original cost of the plant assets was $300,000 Required Create a one to two page memo explaining the following Analyze the company's 2018 balance sheet, including an evaluation of the current ratio and the debt to equity ratio State the differences between balance sheet reporting according to U S Generally Accepted Accounting Principles (GAAP) versus those prepared using International Financial Reporting Standards (IFRS)

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Option #1: Balance Sheet and Statement of Stockholders' Equity You are the Controller at Gander, Inc. and are responsible for preparing and analyzing the balance

Option #1: Balance Sheet and Statement of Stockholders' Equity

You are the Controller at Gander, Inc. and are responsible for preparing and analyzing the balance sheet for December 31, 2018, the end of the company's fiscal year. Gander Inc. had the following balance sheet balances at December 31^st:

GANDER, INC.

Balance Sheet

As of December 31, 2018

Cash

$62,106

Accounts payable

$44,616

Accounts receivable

$24,948

Notes payable

$46,200

Inventories

$130,360

Interest payable

$2,310

Plant assets (net)

$150,000

Common stock

$250,000

Retained earnings

$24,288

Total Assets

$367,414

Total Liabilities & Equity

$367,414

During 2018, the following occurred:

Customer sales on account $400,000.
Received payments from customers in cash $380,000.
Purchased merchandise on credit $220,000.
Paid cash to vendors $230,000.
Costs related to merchandise sold $170,000.
Operating expenses were paid in cash $80,000.
Interest paid on the note in cash $10,000.

There is additional information to consider. The note payable was issued on June 30, 2018, and is due in two years on June 30, 2020. Interest in the amount of 10% is paid annually on June 30^th. Depreciation on the plant assets for the year is $20,000. The original cost of the plant assets was $300,000.

Required:

Create a one- to two-page memo explaining the following:Analyze the company's 2018 balance sheet, including an evaluation of the current ratio and the debt to equity ratio.
State the differences between balance sheet reporting according to U.S. Generally Accepted Accounting Principles (GAAP) versus those prepared using International Financial Reporting Standards (IFRS).