Complete the balance sheet using cash flow data Following is a partially completed balance sheet for Epsico, Inc., at December 31, 2013, together with com- parative data for the year ended December 31, 2012. From the statement of cash flows for the year ended December 31, 2013, you determine the following:
Net income for the year ended December 31, 2013, was $78. Dividends paid during the year ended December 31, 2013, were $24. Cash increased $24 during the year ended December 31, 2013.
The cost of new equipment acquired during 2013 was $45; no equipment was disposed of.
There were no transactions affecting the land account during 2013, but it is estimated that the fair market value of the land at December 31, 2013, is $126.
Required:
Complete the balance sheet at December 31, 2013.
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EPSICO, INC.
Balance Sheets December 31, 2013 and 2012
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2013
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2012
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2013
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2012
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Assets
Current assets: Cash
Accounts receivable Inventory
Total current assets
Land Equipment
Less: Accumulated
depreciation
Total land & equipment
Total assets
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$
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$ 90
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Liabilities and Stockholders' Equity
Current liabilities:
Note payable $147
Accounts payable 369
Total current liabilities $516 Long-term debt
Total liabilities $
Stockholders' Equity
Common stock $600
Retained earnings Total stockholders' equity $
Total liabilities and
stockholders' equity $
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$ 120
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378
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360
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330
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723
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690
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$
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$1,140
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$ 450
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|
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240
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$
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$ 75
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$ 690
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1,125
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$ 600
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(540)
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(480)
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570
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$
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$ 720
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$1,170
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$
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$1,860
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$1,860
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