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The comparative balance sheet of Oak and Tile Flooring Co. for June 30, 2008 and 2007 is as follows:
June 30, 2008
June 30, 2007
Assets
Cash
$34,700
$23,500
Accounts receivable (net)
101,600
92,300
Inventories
146,300
142,100
Investments
0
50,000
Land
145,000
Equipment
215,000
175,000
Accumulator depreciation
(48,600)
(41,300)
$594,000
$442,100
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)
$100,900
$95,200
Accrued expenses (operating expenses)
15,000
13,200
Dividends payable
12,500
10,000
Common stock, $1 par
56,000
Paid-in capital in excess of par-common stock
220,000
100,000
Retained earnings
189,600
173,700
The following additional information was taken from the records of Oak and The Flooring Co. a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $45,000 cash. d. The common stock was issued for cash. e. There was a $65,900 credit to Retailed Earnings for net income. f. There was a $50,000 debit to Retailed Earnings for cash dividends declared.
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