Based on the intormaton in the table below, prepare comparative balance sheets t

Question

Based on the intormaton in the table below, prepare comparative balance sheets tor Windswept Woodworks, Inc. tor years 1 and 2(Round your answers to the nearest whole number.) Windswept Woodworks, Inc. Year 1 Accounts payable Accumulated depreciation 1,200 Cost of goods sold Common stock dividends paid Addition to retained earnings Notes payable Gross plant & equipment 10,280 10,000 8 34% S 10.80 Market price per share -year end Number of shares outstanding 500 million 500 million Liabilities and Equity Year 2 Year 1 Year 2 Year 1 Liabiities8 Accounts payable Notes payable Other current liabilities Total curent liabilities Long-term debt Total Niabilities Cash &equivalents; Total current asset Gross plant & equipment Owners'equity Common stock Total liabilities and equity

Explanation / Answer

Balance sheet

ASSETS Year 2 Year 1 LIABILITIES AND EQUITY Year 2 Year 1 Cash $240 $128 Accounts payable $452 $384 Accounts receivable $1376 $910 Notes payable $230 $380 Inventory $1110 $1106 Other current liabilities $116 $96 Total current assets $2726 $2144 Total current liabilities $798 $860 Fixed assets Long term debt $908 $816 Gross plant and equipment $10260 $10000 Total liabilities $1706 $1676 Accumulated depreciation ($6842) ($6712) Owners equity Net plant and equipment $3418 $3288 Common stock $1280 $1200 Retained earnings $3158 $2556 Total assets $6144 $5432 Total liabilities and Equity $6144 $5432.

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