Set forth below is a partially completed balance sheet for Episco, Inc., as of December 31, 2016,
Question:
Set forth below is a partially completed balance sheet for Episco, Inc., as of December 31, 2016, along with comparative data for the year ended December 31, 2015. From the statement of cash flows for the year ended December December 31, 2016, you determine the following:
Net income for the year ended December 31, 2016 was $104.
Dividends paid during the year ended December 31, 2016 were $32.
Cash increased by $32 during the year ended December 31, 2016.
The cost of the new equipment purchased during 2016 was $60; no team was removed.
There were no transactions affecting the land account during 2016, but the fair market value of the land as of December 31, 2016 is estimated to be $168.
EPISCO, INC. | ||||||||||
Balances | ||||||||||
December 31, 2016 and 2015 | ||||||||||
Assets | 2016 | 2015 | Liabilities and Equity | 2016 | 2015 | |||||
Current assets | current liabilities | |||||||||
Money | $152 | $120 | Pay | $196 | $160 | |||||
accounts receivable | 504 | 480 | Accounts payable | 492 | 440 | |||||
Inventory | 964 | 920 | Total current liabilities | $688 | $600 | |||||
Total current assets | $1,620 | $1,520 | long term debt | $320 | ||||||
Full responsibility | $920 | |||||||||
Tierra | $100 | $100 | stockholders' equity | |||||||
Equipment | 1,560 | 1,500 | Common actions | $800 | $800 | |||||
Less: Accumulated depreciation | (720) | (640) | Retained earnings | 760 | ||||||
Total land and equipment | $940 | $960 | Equity of total shareholders | $1,560 | ||||||
total assets | $2,560 | $2,480 | Total liabilities and stockholders' equity | $2,560 | $2,480 |
Accounting What the Numbers Mean
ISBN: 978-1259535314
11th edition
Authors: David Marshall, Wayne McManus, Daniel Viele