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The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Assets Year 2 Year
The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, appear below in condensed form: Assets Year 2 Year 1 Cash $ 53,000 $50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments Equipment 70,000 573,200 450,000 Accumulated depreciation-equipment Total assets < (142,000) (176,000) $629,700 $542,000 Liabilities and Stockholders' Equity Accounts payable $ 62,500 $43,800 Bonds payable, due Year 2 100,000 Common stock, $10 par 325,000 285,000 Paid-in capital in excess of par-common stock 80,000 55,000 Retained earnings 162,200 58,200 Total liabilities and stockholders' equity $629,700 $542,000
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