Condensed financial data of Simpsons Inc. Follow.
SIMPSONS INC.
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$155,136
$92,928
Accounts receivable
168,576
72,960
Inventory
216,000
197,472
Prepaid expenses
54,528
49,920
Long-term investments
264,960
209,280
Plant assets
547,200
465,600
Accumulated Depreciation
(96,000)
(99,840)
Total
$1,310,400
$988,320
Liabilities and Stockholders’ Equity
2014
2013
Accounts Payable
$195,840
$129,216
Accrued expenses payable
31,680
40,320
Bonds Payable
211,200
280,320
Common Stock
422,400
336,000
Retained Earnings
449,280
202,464
Total
$1,310,400
$988,320
Sales Revenue…………………………………………………………………………………………………………..$745,843
Less:
Cost of goods sold………………………………………………………..………$260,083
Operating expenses, excluding depreciation…………………………..23,827
Depreciation expense……………………………………………………….……..89,280
Income tax expense………………………………………………………………..52,378
Interest expense…………………………………………………………….…………9,082
Loss on disposal of plant assets…………………………………………..14,400……..………449,050
Net income……………………………………………………………………………………………..……….……..$296,793
Additional information:
1. New plant assets costing $192,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $110,400 and accumulated depreciation of $93,120 were sold for $2,880 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $49,977 was declared and paid during the year.
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