Rouse Toy Company reported the following comparative balance sheet:

Requirements

1. Compute the collections from customers during 2015 for Rouse Toy Company. Sales Revenue totaled $ 143,000.

2. Compute the payments for inventory during 2015. Cost of Goods Sold was $80,000.

Transcribed Image Text:

ROUSE TOY COMPANY Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Expenses 17,00011,000 49,000 84,000 2,100 59,000 78,000 3,100 Long-term Assets: 227,000 75,000 S 459,100 Plants Assets, Net 189,000 85,000 S 420,100 Investments Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Accrued Liabilities Long-term Liabilities: Notes Payable 43,000 24,500 5,000 38,000 19,000 13,000 60,000 70,000 140,000 Total Liabilities 132,500 Stockholders Equity Common Stock Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders' Equity 42,000 284,600 326,600 S 459,100 39,000 241,100 280,100 S 420,100