The following accounts and related balances of Swan Designers, Inc., as of Decem
ID: 2572524 • Letter: T
Question
The following accounts and related balances of Swan Designers, Inc., as of December 31, 2016, are arranged in no particular order Data Table Cash $51,000 Interest expense. $16,400 . - Property, plant and equipment, Accounts receivable, net. ' Paid-in capital in excess of par 22,000 net.- 353,000 Accrued liabilities.···· Long-term note payable. . Inventory... Dividends payable...- 18,000 Common stock, $1 par, 32,000 1,500,000 shares authorized, 94,000 121,000 shares issued 95,000 Prepaid expenses. 7,000 Common stockholders' equity 121,000 21,000 ? December 31, 2015 241,000 134,000 Net income. .. . 90,000 Total assets, December 31, 2015. 7,000 15,000 Treasury stock, 495,000 Goodwill 20,000 shares at cost Net sales 29,000 1,100,000Explanation / Answer
1. Balance Sheet
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Additional information:
Industry competitor's data.
Assets Current assets Cash $51000 Accounts receivable, net 22000 Inventory 95000 Prepaid expenses 21000 Total current assets 189000 Property, plant and equipment, net 353000 Intangible assets: Goodwill 15000 Trademarks, net 7000 Total assets $564000 Liabilities Current liabilities: Accounts payable $134000 Accrued liabilities 32000 Dividends payable 7000 Total current liabilities 173000 Long-term notes payable 94000 Total liabilities $267000 Stockholder's equity Common stock, $1 par 1500000 shares authorised 121000 shares issued 101000 shares outstanding $121000 Paid-in capital in excess of par-common 18000 Retained earnings 187000 Less: Treasury stock, common 20000 shares at cost -29000 Total stockholder's equity $297000 Total liabilities and stockholder's equity $564000