Solved by Expert Tutors
Solved by Expert Tutors
Question

I have Homework question with the following attachment

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
Background image of page 1
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
Background image of page 2
Show entire document
Sign up to view the entire interaction

Step-by-step answer

inia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibu

s a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellent

Cash Flow.xlsx
tesque dapibus efficit pulvinar torto trices consectetur adipiscing elit. Na amet, cons ac, dictum vitae odio. Donec aliquet. ec aliquet. Lorem ipsum dolor sit amet, ctum vitae odio. Donec

Subscribe to view the full answer

Subject: Accounting, Business

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Let our 24/7 Accounting tutors help you get unstuck! Ask your first question.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes