Sandhill Company
Comparative Balance Sheets December 31 |
||||||
---|---|---|---|---|---|---|
Assets
|
2017
|
2016
|
||||
Cash
|
$ 211,208
|
$ 68,332
|
||||
Accounts receivable
|
273,328
|
236,056
|
||||
Inventory
|
518,702
|
587,034
|
||||
Land
|
248,480
|
310,600
|
||||
Equipment
|
807,560
|
621,200
|
||||
Accumulated depreciation—equipment
|
(204,996
|
)
|
(99,392
|
)
|
||
Total
|
$1,854,282
|
|
$1,723,830
|
|
||
Liabilities and Stockholders’ Equity
|
||||||
Accounts payable
|
$ 121,134
|
$ 133,558
|
||||
Bonds payable
|
465,900
|
621,200
|
||||
Common stock ($1 par)
|
670,896
|
540,444
|
||||
Retained earnings
|
596,352
|
|
428,628
|
|
||
Total
|
$1,854,282
|
|
$1,723,830
|
|
1. | Net income for 2017 was $288,858. | |
2. | Depreciation expense was $105,604. | |
3. | Cash dividends of $121,134 were declared and paid. | |
4. | Bonds payable amounting to $155,300 were redeemed for cash $155,300. | |
5. | Common stock was issued for $130,452 cash. | |
6. | No equipment was sold during 2017. | |
7. | Land was sold for its book value. |
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