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Can the net worth of a business go negative? If so, explain briefly how this may happen and if it means that the business would have a negative cash balance.
Presents the comparative balance sheet of the business and to Figure 8-2 that presents its statement of changes in stockholders' equity. Suppose the business had paid $175,000 cash dividends (instead of $250,000) to stockholders in 2007. In this scenario, which dollar amounts in the business's comparative balance sheet would be different as the result of this one change?
Balance Sheets at Year-Ends 2006 and 2007
Assets
2006
2007
Changes
Cash
$700,000
$901,000
$201,000
Accounts Receivable
$500,000
$535,000
$35,000
Inventory
$780,000
$825,000
$45,000
Prepaid Expenses
$110,000
$125,000
$15,000
Current Assets
$2,090,000
$2,386,000
Property, Plant, & Equipment
$2,450,000
$2,875,000
$425,000
Accumulated Depreciation
($685,000)
($876,000)
($191,000)
Cost Less Depreciation
$1,765,000
$1,999,000
Total Assets
$3,855,000
$4,385,000
Liabilities & Owners' Equity
Accounts Payable
$350,000
$385,000
Accrued Expenses Payable
$165,000
$205,000
$40,000
Short-term Notes Payable
$625,000
Current Liabilities
$1,015,000
$1,215,000
Long-term Notes Payable
$1,000,000
$1,125,000
Owners Equity:
Capital
Statement of Changes in Stockholders' Equity
Capital Stock
Retained Earning
Total Owners' Equity
Balance at end of 2005
$750,000
$922,000
$1,672,000
Net Income - 2006
$318,000
Cash Dividends - 2006
($150,000)
Balance at end of 2006
$1,090,000
$1,840,000
Capital Stock Issue
$50,000
Net Income - 2007
$405,000
Cash Dividends - 2007
($250,000)
Balance at end of 2007
$800,000
$1,245,000
$2,045,000
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