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Problem - Sheffield Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
SHEFFIELD INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$6,100
$6,900
Accounts receivable
62,500
51,000
Short-term debt investments (available-for-sale)
34,800
18,100
Inventory
39,600
60,200
Prepaid rent
4,900
4,000
Equipment
154,500
130,100
Accumulated depreciation-equipment
(34,800)
(25,300)
Copyrights
46,300
50,400
Total assets
$313,900
$295,400
Accounts payable
$46,000
$40,200
Income taxes payable
6,000
Salaries and wages payable
8,100
Short-term loans payable
8,000
10,000
Long-term loans payable
59,700
69,000
Common stock, $10 par
100,000
Contributed capital, common stock
30,000
Retained earnings
58,100
36,200
Total liabilities & stockholders' equity
SHEFFIELD INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017
Sales revenue
$339,075
Cost of goods sold
175,000
Gross profit
164,075
Operating expenses
119,900
Operating income
44,175
Interest expense
$11,300
Gain on sale of equipment
2,000
9,300
Income before tax
34,875
Income tax expense
6,975
Net income
$27,900
Additional information:
1. Dividends in the amount of $6,000 were declared and paid during 2017.
2. Depreciation expense and amortization expense are included in operating expenses.
3. No unrealized gains or losses have occurred on the investments during the year.
4. Equipment that had a cost of $19,900 and was 70% depreciated was sold during 2017.
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