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Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the year ended December 31, 2019, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2019, was $104. Dividends paid during the year ended December 31, 2019, were $32. Cash increased $32 during the year ended December 31, 2019. The cost of new equipment acquired during 2019 was $60; no equipment was disposed of. There were no transactions affecting the land account during 2019, but it is estimated that the fair market value of the land at December 31, 2019, is $168. Required: Complete the balance sheet at December 31, 2019. (Enter decreases with a minus sign to indikate a negative financial statement effect.) EPSICO INC. Balance Sheets December 31, 2019 and 2018 (Amounts in thousands) 2019 2018 Liabilities and Stockholders' Equity 2019 2018 Assets Current liabilities Current assets 2$ 120 Note payable $ • 196 $ 160 Cash 492 688 $ 440 504 480 Accounts payable Accounts receivable $ 600 964 920 Total current liabilities Inventory 2$ 320 24 1,520 Long-term debt Total current assets $ 920 Total liabilities 24 100 Stockholders' Equity Land 2$ 800 $ 800 1,500 Common stock Equipment Less: Accumulated depreciation Total land & equipment 760 (720) (640) Retained earnings $ 1,560 $ 2,480 2$ 960 Total stockholders' equity 2$ 2,480 Total liabilities & stockholders' equity Total assets

Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the year ended December 31, 2019, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2019, was $104. Dividends paid during the year ended December 31, 2019, were $32. Cash increased $32 during the year ended December 31, 2019. The cost of new equipment acquired during 2019 was $60; no equipment was disposed of. There were no transactions affecting the land account during 2019, but it is estimated that the fair market value of the land at December 31, 2019, is $168. Required: Complete the balance sheet at December 31, 2019. (Enter decreases with a minus sign to indikate a negative financial statement effect.) EPSICO INC. Balance Sheets December 31, 2019 and 2018 (Amounts in thousands) 2019 2018 Liabilities and Stockholders' Equity 2019 2018 Assets Current liabilities Current assets 2$ 120 Note payable $ • 196 $ 160 Cash 492 688 $ 440 504 480 Accounts payable Accounts receivable $ 600 964 920 Total current liabilities Inventory 2$ 320 24 1,520 Long-term debt Total current assets $ 920 Total liabilities 24 100 Stockholders' Equity Land 2$ 800 $ 800 1,500 Common stock Equipment Less: Accumulated depreciation Total land & equipment 760 (720) (640) Retained earnings $ 1,560 $ 2,480 2$ 960 Total stockholders' equity 2$ 2,480 Total liabilities & stockholders' equity Total assets

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the year ended December 31, 2019, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2019, was $104. Dividends paid during the year ended December 31, 2019, were $32. Cash increased $32 during the year ended December 31, 2019. The cost of new equipment acquired during 2019 was $60; no equipment was disposed of. There were no transactions affecting the land account during 2019, but it is estimated that the fair market value of the land at December 31, 2019, is $168. Required: Complete the balance sheet at December 31, 2019. (Enter decreases with a minus sign to indikate a negative financial statement effect.) EPSICO INC. Balance Sheets December 31, 2019 and 2018 (Amounts in thousands) 2018 Liabilities and Stockholders' Equity 2019 20.18 Assets 2019 Current liabilities Current assets 196 160 2$ 120 Note payable Cash 492 440 504 480 Accounts payable Accounts receivable 688 600 964 920 Total current liabilities Inventory 2$ 320 2$ $ 1,520 Long-term debt Total current assets 920 Total liabilities 100 Stockholders' Equity Land 800 800 .1,500 Common stock 760 Equipment (720) (640) Retained earnings 1,560 Less: Accumulated depreciation 2$ 960 Total stockholders' equity Total land & equipment $ 2,480 $ 2,480 Total liabilities & stockholders' equity Total assets 4 of 4 Next < Prev %24 %24 %24 %24 %24 %24 %24 %24 %24
Transcribed Image Text:Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the year ended December 31, 2019, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2019, was $104. Dividends paid during the year ended December 31, 2019, were $32. Cash increased $32 during the year ended December 31, 2019. The cost of new equipment acquired during 2019 was $60; no equipment was disposed of. There were no transactions affecting the land account during 2019, but it is estimated that the fair market value of the land at December 31, 2019, is $168. Required: Complete the balance sheet at December 31, 2019. (Enter decreases with a minus sign to indikate a negative financial statement effect.) EPSICO INC. Balance Sheets December 31, 2019 and 2018 (Amounts in thousands) 2018 Liabilities and Stockholders' Equity 2019 20.18 Assets 2019 Current liabilities Current assets 196 160 2$ 120 Note payable Cash 492 440 504 480 Accounts payable Accounts receivable 688 600 964 920 Total current liabilities Inventory 2$ 320 2$ $ 1,520 Long-term debt Total current assets 920 Total liabilities 100 Stockholders' Equity Land 800 800 .1,500 Common stock 760 Equipment (720) (640) Retained earnings 1,560 Less: Accumulated depreciation 2$ 960 Total stockholders' equity Total land & equipment $ 2,480 $ 2,480 Total liabilities & stockholders' equity Total assets 4 of 4 Next < Prev %24 %24 %24 %24 %24 %24 %24 %24 %24
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