|
XYZ Inc.
Comparative Balance Sheets
December 31, 2012
$
|
December 31, 2011
$
|
|
Cash
|
|
900,000
|
|
Accounts receivable
|
300,000
|
120,000
|
|
Inventory
|
70,002
|
50.000
|
|
Total current assets
|
|
1.070.000
|
|
Land and Equipment
|
1,100,000
|
900,000
|
|
Accumulated depreciation on equipment
|
1190,0001
|
j70.0001
|
|
|
910,000
|
830,000
|
|
Total assets
|
|
|
|
Accrued interest
|
3,000
|
2,000
|
|
Accounts payable
|
280,000
|
100,000
|
|
Unearned revenue
|
30.000
|
?
|
|
Total current liabilities
|
313,000
|
n§am
|
|
Bank loan
|
350.000
|
183,000
|
|
Total liabilities
|
663,000
|
289.000
|
|
Common stock
|
1,800,000
|
7
|
|
Retained earnings
|
532.000
|
238.000
|
|
Stockholders' equity
|
?
|
?
|
|
Total liabilities and stockholders' equity
|
7
|
|
Additional Information:
1. During the year, XYZ collected $616,000 from customers, made cash sales of $396,000, and credit sales for $350,000.
2. During the year, XYZ incurred cost of goods sold of $150,000, paid $34,000 in interest, and paid other administrative expenses of $65,000.
3. During the year, XYZ sold one of its equipment for a loss of $50,000, and purchased a new piece of land for $400,000. The depreciation for the year on all equipment was $150,000.
Required:
1. Calculate the missing values in XYZ's balance sheet.
2. Calculate net income for the year.
3. Prepare the cash flow statement for the year using the indirect method.