Sila Company

Balance Sheet

For Year Ended December 31, 2014

Assets:                                                                                  Year2                         Year 1

Current Assets

Cash                                                                                       60,000                      60,000

Investment                                                                           30,000                      55,000

Accounts Receivable                                 152000                            136000             

Less: Allowance for uncollectible acc.      6000          146,000        3000  133,000

Inventory                                                                             118,000                       84,000

Total current assets                                                         354,000                    343,500

Property, Plant, Equipment

Land                                                                                         50,000                       15,000

Buildings                               160,000                                                   160,000

Less: Acc. Depreciation       40,000                                120,000       32,000              128,000

Equipment                           60,000                                                        41,500

Less: acc. Depreciation     24,000                                    36,000       18,500      23,000

Total property, plant, & Equipment                                               206,000     166,000

Total assets                                                                                             560,000      509,500

Liabilities & Stockholder’s Equity

Liabilities

Account Payable                                                    102,000                                    95,000

Income taxes payable                                             13,000                                  8,000

Long term notes payable                                       65,000                                80,000

Total liabilities                                                       180,000                                183,000

Stockholder’s Equity

Common stock                                                        295,000                                236,500

Retained Earnings                                                    85,000                                  90,000

Total stockholder’s Equity                                 380,000                                326,500

Total liabilities & stockholder’s equity         560,000                                509,500

Additional for year 2:

• None of the accounts receivable were written off.
• CFO sold investments in year 2 worth
• Asset acquisitions manager sold equipment she had purchased for: 20,000
• When the equipment was sold, it had already been depreciated by: 40%
• Board of directors declared and paid dividends in year 2.
• Common stock was issued in exchange for a plot of land the company planned to develop in the future.

Operating Expenses:

• Uncollectible account expense:
• Depreciation Expense: Buildings:
• Depreciation Expense: equipment

Sila Company

Income Statement

For the Year Ended Dec. 31,2014

Sales:                                                                                     750,000

Less: COGS:                                                                          480,000

Gross profit:                                                                                    270,000

Operating Expenses:                                                         145,000

Income from operations:                                                 125,000

Other revenue & Expenses:       

Gain on sale of investments:                   7,000

Loss on sale of equipment:                      4,000                 3,000

Income before taxes:                                                        128,000

Income tax expense:                                                            52,000

Net income:                                                                                       76,000

Use above information to compute Statement of Cash Flows: direct and indirect method on Excel spreadsheet.

 

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Snack Tastic’s Corp Balance Sheet December 31, 2013 Assets Current Assets Cash$1,354,600 Available-for-Sale Securities – At Fair Value Investment in Ferrari Corp Stock 41,250 Accounts Receivable$350,400 Less: Allowance for Doubtful Accounts 15,250 Restricted as Collateral Against Loan 18,200$316,950 Inventories – At Average Cost 546,500 Supplies on Hand 27,850 Prepaid Expenses 501,400 Total Current Assets$2,788,550 Long-Term Investments Investment in Sampson Corp Stock 48,750 Investment in Durango Corp Bonds 51,500100,250 Property, Plant, and Equipment Land – At Cost 585,000 Buildings – At Cost 1,020,500 Equipment 365,000 Less: Accumulated Depreciation 140,0001,245,500 Total Property, Plant, and Equipment 1,830,500 Intangible Assets Trademark 63,000 Total Assets$4,782,300 Liabilities and Stockholders’ Equity Current Liabilities Notes Payable$336,870 Accounts Payable 83,750 Accrued Interest on Notes Payable 124,268 Accrued Salaries, Wages, and Other Liabilities 42,000 Total Current Liabilities$586,888 Long-Term Debt Twenty-Year, 10% Bonds, due 12/31/2020800,000 Less: Discount on Bonds Payable 73,010726,990 Long Term Notes Payable 677,500 Total Liabilities 1,991,378 Stockholders’s Equity Paid-in on Capital Stock Preferred -Authorized, issued, and Outstanding 25,000 Shares of $10 Par Value 250,000 Common -Authorized, 100,000 Shares of$5 Par Value; Issued and 500,000 Additional Paid-In Capital 178,000 Unrealized Gain on Sale of Ferrari Corp Stock 3,750 Unrealized Holding Gain – Equity 3,350935,100 Retained Earnings Total Stockholders’ Equity – Snack Tactic Corporal Stockholders’ Equity Total Liabilities and Stockholders’ Equity 1,991,378

 

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