Balance sheets for byron manufacturing

Assignment Help Accounting Basics
Reference no: EM13856399

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

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

660,590

680,150

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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Reference no: EM13856399

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