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Condensed financial data of Cadet Company are shown below.
CADET COMPANY Comparative Balance Sheets December 31
Assets
2012
2011
Cash
$ 78,700
$ 33,400
Accounts receivable
72,970
37,000
Inventory
121,900
102,650
Long-term investments
89,500
107,000
Plant assets
320,000
205,000
Accumulated depreciation
(49,500)
(40,000)
Total
$633,570
$445,050
Liabilities and Stockholders" Equity
Accounts payable
$ 57,700
$ 48,280
Accrued expenses payable
15,100
18,830
Bonds payable
140,000
70,000
Common stock
250,000
200,000
Retained earnings
170,770
107,940
CADET COMPANY Income Statement Data For the Year Ended December 31, 2012
Sales
$294,500
Gain on sale of plant assets
3,000
297,500
Less:
Cost of goods sold
$104,460
Operating expenses, excluding
depreciation expense
14,670
Depreciation expense
35,500
Income taxes
32,100
Interest expense
2,940
189,670
Net income
$107,830
Additional information:
1. New plant assets costing $151,000 were purchased for cash during the year.
2. Investments were sold at cost.
3. Plant assets costing $36,000 and accumulated depreciation of $26,000 were sold for $13,000.
4. A cash dividend of $45,000 was declared and paid during the year.
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