The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dес. 31, 20Y1 Assets Cash $170 $53 Accounts receivable (net) 96 67 Inventories 60 36 Land 138 151 Equipment 77 58 Accumulated depreciation-equipment (21) (11) Total Assets $520 $354 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $66 $53 Dividends payable 10 Common stock, $1 par 34 17 Excess of paid-in capital over par 89 41 Retained earnings 321 243 Total liabilities and stockholders' equity $520 $354 The following additional information is taken from the records: 1. Land was sold for $33. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $112 credit to Retained Earnings for net income. 6. There was a $34 debit to Retained Earnings for cash dividends declared.

The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dес. 31, 20Y1 Assets Cash $170 $53 Accounts receivable (net) 96 67 Inventories 60 36 Land 138 151 Equipment 77 58 Accumulated depreciation-equipment (21) (11) Total Assets $520 $354 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $66 $53 Dividends payable 10 Common stock, $1 par 34 17 Excess of paid-in capital over par 89 41 Retained earnings 321 243 Total liabilities and stockholders' equity $520 $354 The following additional information is taken from the records: 1. Land was sold for $33. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $112 credit to Retained Earnings for net income. 6. There was a $34 debit to Retained Earnings for cash dividends declared.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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