Following is a partially completed balance sheet for Episco, Inc, at December 31
ID: 2492391 • Letter: F
Question
Following is a partially completed balance sheet for Episco, Inc, at December 31, 2013, together with comparative data for the year ended December 31, 2012. From the statement of cash flows for the y ended December 31, 2013, you determine the following: Net income for the year ended December 31, 2013, was $208. Dividends paid during the year ended December 31, 2013, were $64. Cash increased $64 during the year ended December 31, 2013. The cost of new equipment acquired during 2013 was $120; no equipment was disposed of. There were no transactions affecting the land account during 2013, but it is estimated that the fair value of the land at December 31, 2013, is $336. Complete the balance sheet at December 31, 2013. (Negative amounts should be indicated by a sign.)Explanation / Answer
Cash increase by $64 in 2013 ,so cash at end of 2013 = $240 + 64 = $304
Equipment increased by $120 in 2013 , so equipment at end of 2013 = $3,000 + 120 = $3,120
Land remains same at end of 2013 = $200
Assets 2013 2012 Cash 304 240 Accounts receivable 1008 960 Inventory 1,928 1,840 Total current assets 3,240 3,040 Land 200 200 Equipment 3,120 3,000 Less accumulated depreciation (1440) (1280) Total Land & Equipment 1,880 1,920 Total assets 5,120 4,960