Business Assignment- balance sheet
| Sadie and Simba, Inc. | ||||
| Balance Sheet | ||||
| December 31, 2012 | ||||
| (thousands of dollars) | ||||
| 2012 | 2011 | |||
| Current Assets: | ||||
| Cash | $ 7,500 | $ 10,000 | ||
| Accounts Receivable (net) | 82,000 | 87,500 | ||
| Merchandise Inventory | 86,000 | 81,000 | ||
| Prepaid Expenses | 9,000 | 12,000 | ||
| 184,500 | $ 190,500 | |||
| Fixed Assets: | ||||
| Equipment | 170,000 | 145,000 | ||
| Accumulated Depreciation - Equipment | (45,000) | (36,000) | ||
| Land | 30,000 | 50,000 | ||
| 155,000 | $ 159,000 | |||
| Total Assets | $ 339,500 | $ 349,500 | ||
| Current Liabilities: | ||||
| Accounts Payable | $ 44,500 | $ 58,000 | ||
| Accrued Expenses | 11,000 | 9,000 | ||
| Notes Payable - bank, short-term | 0 | 50,000 | ||
| 55,500 | 117,000 | |||
| Long Term Liabilities: | ||||
| Bonds Payable | 20,000 | - 0 - | ||
| Total Liabilities | 75,500 | 117,000 | ||
| Common Stock, $1 par | 181,000 | 160,000 | ||
| Retained earnings | 83,000 | 72,500 | ||
| Total Stockholders' Equity | 264,000 | 232,500 | ||
| Total Liabilities and Stodkholders' Equity | $ 339,500 | $ 349,500 | ||
| Information you will need: | ||||
| Equipment was purchased for $21,000 in exchange for common stock, par $21,000, during the year; | ||||
| All other equipment purchased was for cash. | ||||
| Land was sold for $31,500. | ||||
| Cash dividends of $7,000 were declared and paid during the year. | ||||
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