Reference no: EM13906251
Problem III: Williams Corp. balance sheet at the end of 2013 included the following items. Current Assets $235,000 Current liabilities $150,000 Land 30,000 Bonds payable 100,000 Buildings 120,000 Common Stock 180,000 Equipment 90,000 Retained Earnings 44,000 Accum. Deprec.—buildings (30,000) Total $474,000 ======= Accum. Deprec.—equipment (11,000) Patent 40,000 Total $474,000 ======= The following information is available for 2014. 1. Net Income was $55,000. 2. Equipment (cost $20,000 and accum. deprec. $8,000) were sold for $10,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $13,000. 6. An addition to the building was completed at a cost of $27,000. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $50,000 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.
Required:
Prepare a comparative balance sheet at December 31, 2014, comparing the years ended December 31, 2013 & 2014.
Note: Show only totals for current assets and current liabilities.
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