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The balance sheets of Barrier Corporation as of December 31, Year 2, and Year 1, and its statement of income and retained earnings for the year ended December 31, Year 2, follow
BARRIER CORPORATION
Balance Sheets
December 31, Year 2 and Year 1
Year 2
Year 1
Increase (decrease)
Assets
Cash
$ 275,000
$ 180,000
$ 95,000
Accounts receivable
295,000
305,000
(10,000)
Inventories
549,000
431,000
118,000
Investment in Ort Inc., at equity
73,000
60,000
13,000
Land
350,000
200,000
150,000
Plant and equipment
624,000
606,000
18,000
Accumulated depreciation
(139,000)
(107,000)
(32,000)
Goodwill
16,000
20,000
(4,000)
Total assets
$2,043000
$1,695,000
$348,000
Liabilities and Stockholders' Equity
Accounts payable
$ 604,000
$ 563,000
41000
Accrued expenses
-
150000
Bonds payable
160,000
210,000
(50000)
Deferred income taxes
41,000
30,000
11000
Common stock, par $10
430,000
400,000
30000
Additional paid-in capital
226,000
175,000
51000
Retained earnings
432,000
334,000
98000
Treasury stock, at cost
(17,000)
17000
Total liabilities and equity
$2,043,000
$348000
Statement of Income and Retained Earnings
For Year Ended December 31, Year 2
Net sales
$1,937,000
Undistributed income from Ort Inc.
Total net revenue
1,950,000
Cost of sales
(1,150,000)
Gross income
800,000
Depreciation expense
$32,000
Amortization of goodwill
4,000
Other expenses (including income taxes
623,000
(659,000)
Net income
$ 141,000
Retained earnings, January 1, Year 2
475,000
Cash dividends paid
(43,000)
Retained earnings, December 31, Year 2
$ 432,000
Additional information:
Required:
Determine the following amounts:
a. Cash collected from sales during Year 2.
b. Cash payments on accounts payable during Year 2.
c. Cash receipts during Year 2 not provided by operations.
d. Cash payments for noncurrent assets purchased during Year 2.
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