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Problem: The balance sheets for Byron manufacturing at December 31, 2012 and 2013 are shown:
Assets
2013
2012
Current Assets:
Cash
5,340
9,030
Amount receivable
10,620
9,070
Inventory
19,780
18,650
Total current assets
35,740
36,750
Property, plant, and equipment
Building
492,000
Equipment
280,000
270,400
772,000
762,400
Accumulated depreciation
(147,150)
(119,000)
Net property, plant, and equipment
624,850
643,400
Total assets
660,590
680,150
Liabilities and Equity
Current Liabilities:
Amount payable
$5,120
36,260
Salaries payable
9,630
11,620
Income taxes payable
1,210
9,980
Total current liabilities
65,960
57,860
Long term liabilities:
Bonds payable
353,000
396,000
Equity:
Common stock
181,000
147,000
Retained earnings
60,630
79,290
Total equity
241,630
226,290
Total liabilities and equity
Additional information needed to prepare the Statement of Cash Flows:
1. Net income was $2,560
2. Byron paid $21,220 in cash dividends
3. Byron issued $51,67 in bonds payable for cash
4. Byron retired $94,670 in bonds payable for cash
5. No fixed assets were sold or disposed of during the period
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