Description
General Products Inc. is incorporated in Nevada, USA on Jan 1st 2013 to take over a local retail chain. The objective of the company is to supply goods of everyday use to customers at the most competitive prices. GeneralProducts has established a chain of stores throughout USA. The retail operations of the company are so designed that customers can shop seamlessly in stores and online.
You may use the attached Balance Sheet of GeneralProducts as of Dec 2015 and the financial data for 2016.The same information is provided below.
General Products provides us financial and business related data for 2016 below.
Balance Sheet of GeneralProducts Inc. on December 31, 2015
ASSETS
Current Assets
Cash and Cash Equivalent
11,980
Accounts Receivables
20,520
Inventory
317,060
Inventory of Premiums (@0.10 per premium)
660
Total Current Assets
350,220
LONG TERM ASSETS
Investments
66,775
Property Plant and Equipment
750,000
Less Accumulated Depreciation
90,000
660,000
Total Long Term Assets
726,775
INTANGIBLE ASSETS
Trade Marks
190,000
Total Assets
1,266,995
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable
50,772
Liability for Premiums and Coupons
550
5% Short Term Notes Payable due on March 31, 2016
8,000
Accrued Interest on 6% Bonds Payable
3,000
Total Current Liabilities
62,272
6% Bonds Payable due 2020
100,000
Unamortized Discount on Bonds Payable
6,732
93,268
Total Liabilities
155,540
Stockholder's Equity
Common Stock
125,000 shares, par value $1 authorized 100,000 shares issued and outstanding
130,000
Paid inCapital in Excess of Par
946,000
Retained Earnings
35,455
Total nStockholders' Equity
1,111,455
Total Liabilities and Stockholders' Equity
1,266,995
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