Rouse Toy Company reported the following comparative balance sheet:

Requirement
1. Compute the following for Rouse Toy Company:
a. Collections from customers during 2012. Sales totaled $143,000.
b. Payments for inventory during 2012. Cost of goods sold was$80,000.

Transcribed Image Text:

ROUSE TOY COMPANY Comparative Balance Sheet December 31, 2012 and 2011 2012 2011 Liabilitics 2012 Assets 2011 Current: Accounts payable Salary payable Current: $ 17,000 S 11,000 S 43,000 $ 38,000 Cash Accounts reccivable 59,000 49,000 24,500 19,000 Accrued liabilitics 5,000 Inventory 78,000 84,000 13,000 2,100 Long-term notes payable Stockholders' Equity Prepaid expenses 60,000 70,000 3,100 Long-term investments Plant assets, net 75,000 85,000 227,000 189,000 Common stock Retained carnings 42,000 39,000 284,600 241,100 $459,100 $420,100 Total liabilities and stockholders' equity $459,100 $420,100 Total assets