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Part B Financial information for Messersmith Company is presented below MESSERSMITH COMPANY Balance Sheets December 31 ssets 2017 2016 136,500 126,750 Cash Short-term investments 101,400
Part B
Financial information for Messersmith Company is presented below MESSERSMITH COMPANY Balance Sheets December 31 ssets 2017 2016 136,500 126,750 Cash Short-term investments 101,400 78,000 Accounts receivable (net) 191,100 156,000 243,750 Inventory 263,250 56,550 Prepaid expenses 44,850 Land 253,500 253,500 351,000 241,250 Building and equipment net $1,333,800 $1,263,600 Liabilities and Stockholders' Equity Notes payable $195,000 $195,000 Accounts payable 93,600 81,900 Accrued liabilities 97,500 78,000 Bonds payable, due 2020 292,500 292,500 390,000 390,000 Common stock, $10 par Retained earnings 265,200 226,200 $1,333,800 $1,263,600 MESSERSMITH COMPANY Income Statement For the Years Ended December 31 2017 2016 $1,540,500 $1,657,500 Net sales Cost of 1,209,000 1,121,250 goods sold Gross 419,250 448,500 profit Operating 364,650 337,350 expenses Net 81,900 83,850 ncome Additional information: 1. Inventory at the beginning of 2016 was $230,100 Total assets at the beginning of 2016 were $1,228,500 3. No common stock transactions occurred during 2016 or 2017Step by Step Solution
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