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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 uncollecTble 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. DepreciaTon 40,000 120,000 32,000 128,000 Equipment 60,000 41,500 Less: acc. DepreciaTon 24,000 36,000 18,500 23,000 Total property, plant, & Equipment 206,000 166,000 Total assets 560,000 509,500 Liabili±es & Stockholder’s Equity Liabili±es Account Payable 102,000 95,000
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Income taxes payable 13,000 8,000 Long term notes payable 65,000 80,000 Total liabili±es 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 liabili±es & stockholder’s equity 560,000 509,500 Addi±onal for year 2: - None of the accounts receivable were wriTen oF. - C±O sold investments in year 2 worth - Asset acquisi²ons 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. Opera±ng Expenses: - Uncollec²ble account expense: - Deprecia²on Expense: Buildings: - Deprecia²on Expense: equipment Sila Company Income Statement For the Year Ended Dec. 31,2014 Sales: 750,000 Less: COGS: 480,000 Gross pro³t: 270,000 Opera²ng Expenses: 145,000
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Subject: Accounting, Business

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