Sila Company Balance Sheet For Year Ended December 31,


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I have Homework question with the following attachment Sila Company balance sheet.docx Sila Company Balance Sheet For Year Ended December 31, 2014 Assets: Year2 Year 1 Cash 60,000 60,000 Investment 30,000 55,000 Current Assets Accounts Receivable 152000 Less: Allowance for uncollectible acc. 6000 136000 146,000 3000 133,000 Inventory 118,000 84,000 Total current assets 354,000 343,500 50,000 15,000 Property, Plant, Equipment Land Buildings Less: Acc. Depreciation 160,000 40,000 Equipment 24,000 120,000 60,000 Less: acc. Depreciation 160,000 32,000 128,000 41,500 36,000 18,500 23,000 Total property, plant, & Equipment 206,000 166,000 Total assets 560,000 509,500 Liabilities & Stockholder’s Equity Liabilities Account Payable 102,000 95,000 Income taxes payable 13,000 8,000 Long term notes payable 65,000 80,000 180,000 183,000 295,000 236,500 85,000 90,000 Total stockholder’s Equity 380,000 326,500 Total liabilities & stockholder’s equity 560,000 509,500 Total liabilities Stockholder’s Equity Common stock Retained Earnings Additional for year 2: – None of the accounts receivable were written off. CFO sold investments in year 2 worth Asset acquisitions manager sold equipment she had purchased for: 20,000 When the equipment was sold, it had already been depreciated by: 40% Board of directors declared and paid dividends in year 2. Common stock was issued in exchange for a plot of land the company planned to develop in the future. Operating Expenses: – Uncollectible account expense: – Depreciation Expense: Buildings: – Depreciation Expense: equipment Sila Company Income Statement For the Year Ended Dec. 31,2014 Sales: Less: COGS: Gross profit: Operating Expenses: 750,000 480,000 270,000 145,000 Income from operations: Other revenue & Expenses: Gain on sale of investments: Loss on sale of equipment: Income before taxes: Income tax expense: Net income: 125,000 7,000 4,000 3,000 128,000 52,000 76,000 Use above information to compute Statement of Cash Flows: direct and indirect method on Excel spreadsheet. Read more

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