Concept Check 4.docx - Concept Check 4 MKH Company...

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Concept Check 4MKH Company Comparative Balance SheetsUse the following comparative balance sheets and additional information to answer questions (1) through (4).MKH CompanyComparative Balance SheetsFor the year ended December 3120X120X0ChangeCurrent assetsCash$324,700 $217,600$107,100Accounts receivable132,600165,200 (32,600)Inventory175,100137,20037,900Prepaid rent25,50014,40011,100Total current assets$657,900 $534,400$123,500Long-term assetsLand$326,400 $345,600 ($19,200)Equipment (net)321,300356,300(35,000)Total long-term assets$647,700$701,900$(54,200)Total assets$1,305,600$1,236,300$69,300Total assets$1,305,600$1,236,300$69,300Current liabilitiesAccounts payable$145,800 $131,200$14,600Salaries payable18,7004,80013,900Interest payable32,30027,2005,100Total current liabilities$196,800 $163,200$33,600Long-term liabilitiesBonds payable$321,400 $469,800 ($148,400)
Stockholders' equityCommon stock$535,800 $434,900$100,900Retained earnings251,600168,40083,200Total liabilities and

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