The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd,have just been distributed at a meeting of the company's board of directors.Simple Things Industries Ltd.Comparative Balance SheetDecember 31, 2014 and 201320142013 Increase/(Decrease)AssetsCash238,000303,200358,30035,350205,0001.105,0002.244,850215,200259,300Accounts ReceivableInventoriesPrepaid expensesIntangible assetsPlant assets, netTotal Assets?348,20043,100205,000?910,0001,980,800LiabilitiesAccounts payableAccrued liabilitiesIncome tax payableLong-term notes payableStockholders' EquityCommon StockRetained earnings254,300415,300240,000410,000135,400?115,000845,400?910,500295,500345,600275,300295,400Treasury stockTotal liabilities and stockholders' equity(26,250)2244,850(285,800)1,980,800 Simple Things Industries LtdIncome StatementYear Ended December 31,2014Revenues and gains:Sales revenueGain on sale of plant assetsTotal revenues and gainsExpensesCost of goods soldDepreciation expenseOther operating expenseTotal expensesIncome before income taxesIncome tax expenseNet Income2,224,000115,5002,339,5001,305,0001654004054001,875,800463,700265,000198,700NotesAcquisition of plant asset during 2014Sale proceed from sale of plant assetReceipt for issuance of notes payablePayment for note payableDividend paidBook value of equipment sold600,900356,000384,900450,000148,500240,500Requirements1. Reconstruct the company's comparative balance sheet for 2013/2014 using theinformation above and compute and show the missing figures to include theappropriate sign as a positive or negative figure.

Comparative financial statements are those, which provide past year figures along with the current…

Simple Things Industries Ltd Income Statement Year Ended December 31,2014 Revenues and gains: Sales revenue Gain on sale of plant assets Total revenues and gains Expenses Cost of goods sold Depreciation expense Other operating expense Total expenses Income before income taxes Income tax expense Net Income 2,224,000 115,500 2,339,500 1,305,000 165.400 405,400 1,875,800 463,700 265,000 198,700 Notes Acquisition of plant asset during Sale proceed from sale of plant asset Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold 600,900 356,000 384,900 450,000 148,500 240,500 Requirements 1. Reconstruct the company's comparative balance sheet for 2013/2014 using the information above and compute and show the missing figures to include the appropriate sign as a positive or negative figure.

Simple Things Industries Ltd Income Statement Year Ended December 31,2014 Revenues and gains: Sales revenue Gain on sale of plant assets Total revenues and gains Expenses Cost of goods sold Depreciation expense Other operating expense Total expenses Income before income taxes Income tax expense Net Income 2,224,000 115,500 2,339,500 1,305,000 165.400 405,400 1,875,800 463,700 265,000 198,700 Notes Acquisition of plant asset during Sale proceed from sale of plant asset Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold 600,900 356,000 384,900 450,000 148,500 240,500 Requirements 1. Reconstruct the company's comparative balance sheet for 2013/2014 using the information above and compute and show the missing figures to include the appropriate sign as a positive or negative figure.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1ANFS

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