Reference no: EM13748137 , Length:
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XYZ Inc.
Comparative Balance Sheets
December 31, 2012
$
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December 31, 2011
$
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Cash
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900,000
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Accounts receivable
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300,000
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120,000
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Inventory
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70,002
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50.000
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Total current assets
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1.070.000
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Land and Equipment
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1,100,000
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900,000
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Accumulated depreciation on equipment
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1190,0001
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j70.0001
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910,000
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830,000
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Total assets
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Accrued interest
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3,000
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2,000
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Accounts payable
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280,000
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100,000
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Unearned revenue
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30.000
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?
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Total current liabilities
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313,000
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n§am
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Bank loan
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350.000
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183,000
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Total liabilities
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663,000
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289.000
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Common stock
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1,800,000
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7
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Retained earnings
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532.000
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238.000
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Stockholders' equity
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?
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?
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Total liabilities and stockholders' equity
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7
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Additional Information:
1. During the year, XYZ collected $616,000 from customers, made cash sales of $396,000, and credit sales for $350,000.
2. During the year, XYZ incurred cost of goods sold of $150,000, paid $34,000 in interest, and paid other administrative expenses of $65,000.
3. During the year, XYZ sold one of its equipment for a loss of $50,000, and purchased a new piece of land for $400,000. The depreciation for the year on all equipment was $150,000.
Required:
1. Calculate the missing values in XYZ's balance sheet.
2. Calculate net income for the year.
3. Prepare the cash flow statement for the year using the indirect method.
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