Analysts following the Tomkovick Golf Company were given the following informati

Question

Analysts following the Tomkovick Golf Company were given the following information for the years ended December 31st, 2014 and December 31st 2013: 2014 2013 Assets Cash and marketable securities $ 33,411 $ 16,566 Accounts receivable 260,205 318,768 Inventory 423,819 352,740 Other current assets 41,251 29,912 Total current assets $ 758,686 $ 717,986 Plant and equipment 1,931,719 1,609,898 Less: Accumulated depreciation (419,044) (206,678) Net plant and equipment $1,512,675 $1,403,220 Goodwill and other assets 382,145 412,565 Total assets $2,653,506 $2,533,771 Page 3 of 4 Liabilities and Stockholders’ Equity 2014 2013 Accounts payable and accruals $ 378,236 $ 332,004 Notes payable 14,487 7,862 Accrued income taxes 21,125 16,815 Total current liabilities $ 413,848 $ 356,681 Long-term debt 679,981 793,515 Total liabilities $1,093,829 $1,150,196 Preferred stock __ __ Common stock (10,000 shares) 10,000 10,000 Additional paid-in capital 975,465 975,465 Retained earnings 587,546 398,110 Less: Treasury stock (13,334) __ Total common equity $1,559,677 $1,383,575 Total liabilities and stockholders’ equity $2,653,506 $2,533,771

Explanation / Answer

2014 2013 Change % of change Assets: Cash and Marketable securities 33411 16566 16845 101.68% Accounts Receivable 260205 318768 -58563 -18.37% Inventory 423819 352740 71079 20.15% Other Current Assets 41251 29912 11339 37.91% Total Current Assets 758686 717986 40700 5.67% Plant and Equipment 1931719 1609898 321821 19.99% Less: Accumulated Depreciation -419044 -206678 -212366 102.75% Net Plant and Equipments 1512675 1403220 109455 7.80% Good will and other assets 382145 412565 -30420 -7.37% Total Assets 2653506 2533771 119735 4.73% Liabilities and stockholders Equity: Accounts Payable and accruals 378236 332004 46232 13.93% Notes Payable 14487 7862 6625 84.27% Accrued Income Tax 21125 16815 4310 25.63% Total Current Liabilities 413848 356681 57167 16.03% Long term Debt 679981 793515 -113534 -14.31% Preferred Stock 0 0 0 0.00% Common Stock 10000 10000 0 0.00% Additional Paid in capital 975465 975465 0 0.00% Retained Earnings 587546 398110 189436 47.58% Less: Treasury Stock -13334 0 -13334 0.00% Total Common Equity 574212 398110 176102 44.23% Total Liabilities and stockholders equity 2653506 2533771 119735 4.73%

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