A comparative balance sheet for Stokely, Inc., on December 31, 2022 and 2021, follows. Additional information about the firm’s financial activities during 2022 is also given below. STOKELY, INC. Comparative Balance Sheet December 31, 2022 and 2021 Assets 2022 2021 Cash $ 149,900 $ 73,500 Accounts Receivable (Net) 130,600 80,600 Merchandise Inventory 47,600 44,000 Property, Plant, and Equipment 250,000 200,000 Less: Accumulated Depreciation (40,000 ) (20,000 ) Total Assets $ 538,100 $ 378,100 Liabilities and Stockholders' Equity Liabilities Accounts Payable 57,000 77,000 Bonds Payable 160,000 110,000 Total Liabilities $ 217,000 $ 187,000 Stockholders' Equity Common Stock ($1 par, 100,000 shares authorized, 60,000 shares issued in 2021 and 30,000 shares issued in 2022) 90,000 60,000 Retained Earnings 231,100 131,100 Total Stockholders’ Equity $ 321,100 $ 191,100 Total Liabilities and Stockholders’ Equity $ 538,100 $ 378,100 Additional information for the year follows: Had net income of $100,000. Recorded $20,000 in depreciation. Issued bonds payable with a par value of $50,000 at par and received cash. Received $30,000 in cash for the issue of an additional 30,000 shares of $1 par value common stock. Purchased equipment for $50,000 in cash.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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A comparative balance sheet for Stokely, Inc., on December 31, 2022 and 2021, follows. Additional information about the firm’s financial activities during 2022 is also given below.

STOKELY, INC. Comparative Balance Sheet December 31, 2022 and 2021
Assets	2022		2021
Cash	$	149,900		$	73,500
Accounts Receivable (Net)		130,600			80,600
Merchandise Inventory		47,600			44,000
Property, Plant, and Equipment		250,000			200,000
Less: Accumulated Depreciation		(40,000	)		(20,000	)
Total Assets	$	538,100		$	378,100
Liabilities and Stockholders' Equity
Liabilities
Accounts Payable		57,000			77,000
Bonds Payable		160,000			110,000
Total Liabilities	$	217,000		$	187,000
Stockholders' Equity
Common Stock ($1 par, 100,000 shares authorized, 60,000 shares issued in 2021 and 30,000 shares issued in 2022)		90,000			60,000
Retained Earnings		231,100			131,100
Total Stockholders’ Equity	$	321,100		$	191,100
Total Liabilities and Stockholders’ Equity	$	538,100		$	378,100

Additional information for the year follows:

Had net income of $100,000.
Recorded $20,000 in depreciation.
Issued bonds payable with a par value of $50,000 at par and received cash.
Received $30,000 in cash for the issue of an additional 30,000 shares of $1 par value common stock.
Purchased equipment for $50,000 in cash.

STOKELY, INC.
Statement of Cash Flows
Year Ended December 31, 2022
Cash flows from operating activities
Adjustments:
Total adjustments
Cash flows from investing activities
Cash flows from financing activities

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