Comparative Balance Sheets For Sharp Company

Here are comparative balance sheets for Sharp Company.

Sharp Company

Comparative Balance Sheets

December 31

Assets                      2012             2011

Cash                      $72,961          $22,409

Accounts receivable 86,139             76,398

Inventories             170,386           188,715

Land                       75,260           101,000

Equipment             259,990           200,170

Accum deprec—Equip (66,053)       (32,436)

Total                      $598,683        $556,256

 

Liabilities and Stockholder’s Equity

Accounts payable       $39,209        $46,951

Bonds payable            151,550       203,890

Common stock ($1 par)  216,060     175,180

Retained earnings         191,864      130,235

Total                           $598,683     $556,256

 

Additional information:

1.  Net income for 2012 was $101,700.

2.  Cash dividends of $40,071 were declared and paid.

3.  Bonds payable amounting to $52,340 were redeemed for cash $52,340.

4.  Common stock was issued for $40,880 cash.

5.  No equipment was sold during 2012 but land was sold at cost.

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