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Condensed financial data of Lemere Inc. follow.
LEMERE INC. Comparative Balance Sheets December 31
Assets
2012
2011
Cash
$ 80,800
$ 48,400
Accounts receivable
87,800
38,000
Inventory
112,500
102,850
Prepaid expenses
28,400
26,000
Long-term investments
138,000
109,000
Plant assets
285,000
242,500
Accumulated depreciation
(50,000)
(52,000)
Total
$682,500
$514,750
Liabilities and Stockholders" Equity
Accounts payable
$102,000
$ 67,300
Accrued expenses payable
16,500
21,000
Bonds payable
110,000
146,000
Common stock
220,000
175,000
Retained earnings
234,000
105,450
LEMERE INC. Income Statement Data For the Year Ended December 31, 2012
Sales
$388,460
Less:
Cost of goods sold
$135,460
Operating expenses, excluding
depreciation
12,410
Depreciation expense
46,500
Income taxes
27,280
Interest expense
4,730
Loss on sale of plant assets
7,500
233,880
Net income
$154,580
Additional information:
1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $26,030 was declared and paid during the year.
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