Question: Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from the accounting
| Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. |
| METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2013 and 2012 ($ in 000s) | ||||
| 2013 | 2012 | |||
| Assets | ||||
| Cash | $ | 600 | $ | 375 |
| Accounts receivable | 600 | 450 | ||
| Inventory | 900 | 525 | ||
| Land | 675 | 600 | ||
| Building | 900 | 900 | ||
| Less: Accumulated depreciation | (300) | (270) | ||
| Equipment | 2,850 | 2,250 | ||
| Less: Accumulated depreciation | (525) | (480) | ||
| Patent | 1,200 | 1,500 | ||
| $ | 6,900 | $ | 5,850 | |
| Liabilities | ||||
| Accounts payable | $ | 750 | $ | 450 |
| Accrued expenses payable | 300 | 225 | ||
| Lease liability | ||||
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