Complete the balance sheet at December 31, 2010.


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Complete the balance sheet at December 31, 2010. 1 answer below » Complete the balance sheet using cash flow data Following is a partially completed balance sheet for Epsico, Inc., at December 31, 2010, together with comparative data for the year ended December 31, 2009. From the statement of cash flows for the year ended December 31, 2010, you determine the following: Net income for the year ended December 31, 2010, was $26. Dividends paid during the year ended December 31, 2010, were $8. Cash increased $8 during the year ended December 31, 2010. The cost of new equipment acquired during 2010 was $15; no equipment was disposed of. There were no View complete question » Complete the balance sheet using cash flow data Following is a partially completed balance sheet for Epsico, Inc., at December 31, 2010, together with comparative data for the year ended December 31, 2009. From the statement of cash flows for the year ended December 31, 2010, you determine the following: Net income for the year ended December 31, 2010, was $26. Dividends paid during the year ended December 31, 2010, were $8. Cash increased $8 during the year ended December 31, 2010. The cost of new equipment acquired during 2010 was $15; no equipment was disposed of. There were no transactions affecting the land account during 2010, but it is estimated that the fair market value of the land at December 31, 2010, is $42. Required: Complete the balance sheet at December 31, 2010. EPSICO, INC. Balance Sheets December 31, 2010 and 2009 2010 2009 2010 2009 Assets Liabilities and Owners’ Equity Current assets: Current liabilities: Cash $ 30 Note payable 49 40 Accounts receivable 126 120 Accounts payable 123 110 Inventory 241 230 Total current assets $ 380 Total current liabilities 172 150 Long-term debt 80 Land $ $ 25 Total liabilities $ 230 Equipment 375 Owners’ Equity Less: Accumulated Common stock 200 200 depreciation (180) (160) Retained earnings 190 Total land & equipment $ $240 Total owners’ equity $ 390 Total liabilities and Total assets $ 620 owners’ equity $ 620 View less » Jul 08 2014 12:38 PM

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