P24-1A cole inc - Comparative Balance Sheet

P24-1A cole inc

COLE, INC.

                                                          Comparative Balance Sheet
                                                         December 31, 2013 and 2012

                                      Assets                                                  2013                            2012

Cash                                                                                        77,900                         39,500
Accounts receivable(net)                                                         129,600                                   79,600
Merchandise inventory                                                                        45,600                         43,000
Property, plant, and Equipment                                                           240,000                                   190,000
Less: Accumelated Depreciation                                                          (37,000)                       (19,000)
Total Assets                                                                             456,100                                   333,100

Liabilities and Stockholders’Equity

Liabilities
Accounts payable                                                                    45,000                         62,000
Bonds payable                                                                         150,000                                   100,000
Total  liabilities                                                                       195,000                                   162,000
stockholders’ Equity

Common stock($1 par, 50,000 shares authorized)

5,000 shares issued in 2012 and 6,000 shares
Issued in 2013)                                                                                    60,000                         50,000
Retained Earnings                                                                    201,100                                   121,100
Total Stockholders’ Equity                                                      261,100                                   171,100
Total liabilities and stockholders’ Equity                                456,100                                   333,100

Additional Information for 2013:

a. Net income                                                                         $80,000
b. Depreciation recorded for year                                            $18,000
c. Cash received for bonds payable issued at par                                $50,000
d. Cash received from issuance of common stock                   $10,00
    Par value of common stock issued                                     $10
    Number of additional shares issued                                     1000
e. Paid cash for equipment                                                      $50,000

TUTORIAL PREVIEW

COLE, INC. Statement of Cash Flows Year Ended December 31, 2013
Cash Flows from Operating Activities
Net income for year		$80,000
Adjustments:
Depreciation	$18,000
Increase in accounts receivable	(50,000)

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