Simple Things Industries Ltd. Comparative Balance Sheet December 31, 2014 and 2013   2014 2013 Increase/(Decrease)         Assets          Cash      238,000         215,200  ?    Accounts Receivable      303,200         259,300  ?    Inventories      358,300         348,200  ?    Prepaid expenses        35,350            43,100  ?    Intangible assets      205,000         205,000  ? Plant assets, net  1,105,000         910,000  ? Total Assets  2,244,850      1,980,800         Liabilities          Accounts payable      254,300         240,000  ?    Accrued liabilities      415,300         410,000  ?    Income tax payable      115,000         135,400  ? Long-term notes payable      845,400         910,500  ?       Stockholders' Equity       Common Stock      295,500         275,300  ? Retained earnings      345,600         295,400  ? Treasury stock         (26,250)        (285,800)  ? Total liabilities and stockholders' equity  2,244,850      1,980,800

Question

Simple Things Industries Ltd.

Comparative Balance Sheet

December 31, 2014 and 2013

 

2014

2013

Increase/(Decrease)

        Assets

 

 

 

   Cash

     238,000

        215,200

 ?

   Accounts Receivable

     303,200

        259,300

 ?

   Inventories

     358,300

        348,200

 ?

   Prepaid expenses

       35,350

           43,100

 ?

   Intangible assets

     205,000

        205,000

 ?

Plant assets, net

 1,105,000

        910,000

 ?

Total Assets

 2,244,850

     1,980,800

 

      Liabilities

 

 

 

   Accounts payable

     254,300

        240,000

 ?

   Accrued liabilities

     415,300

        410,000

 ?

   Income tax payable

     115,000

        135,400

 ?

Long-term notes payable

     845,400

        910,500

 ?

      Stockholders' Equity

 

 

 

Common Stock

     295,500

        275,300

 ?

Retained earnings

     345,600

        295,400

 ?

Treasury stock

        (26,250)

       (285,800)

 ?

Total liabilities and stockholders' equity

 2,244,850

     1,980,800

 

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