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The comparative balance sheet of Charles Inc. for December 31, 2014 and 2013 is shown as follows:
Dec. 31, 2014
Dec. 31, 2013
Assets
Cash
$469,320
439,440
Accounts Receivable (Net)
170,880
156,720
Inventories
481,320
462,840
Investments
0
180,000
Land
246,000
Equipment
528,840
414,840
Accum. Depreciation - Equipment
(124,800)
(111,000)
Total Assets
1,771,560
1,542,840
Liabilities & Stockholders' Equity
Accounts Payable (merchandise creditors)
318,360
303,720
Accrued expenses payable (operating exp)
31,680
39,480
Dividends payable
18,000
14,400
Common stock, $2 par
95,000
75,000
Paid-in-capital, excess of issue price over par - common stock
290,000
210,000
Retained Earnings
1,018,520
900,240
Total Liabilities & Stockholders Equity
The income statement for the year ended December 31, 2014, is as follows:
1,736,598
Additional data obtained from an examination of the accounts in the ledger for 2014 are as follows:
The investments were sold for $210,000 cash
Equipment and land were acquired for cash
There were no disposals of equipment during the year
The common stock was issued for cash
There was a $190,280 credit to retained earnings for net income
There was a $72,000 debit to retained earnings for cash dividends declared
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