COUNTRY KETTLES, INC. Balance Sheet December 31, 2016 2015 2016 Assets Cash $ 30

Question

COUNTRY KETTLES, INC. Balance Sheet December 31, 2016 2015 2016 Assets Cash $ 30,700 $ 29,820 Accounts receivable 70,200 73,240 Inventories 61,100 63,250 Property, plant, and equipment 150,000 159,400 Less: Accumulated depreciation (46,160 ) (50,200 ) Total assets $ 265,840 $ 275,510 Liabilities and Equity Accounts payable $ 45,200 $ 47,320 Accrued expenses 6,580 5,860 Long-term debt 25,900 28,450 Common stock 19,000 23,300 Accumulated retained earnings 169,160 170,580 Total liabilities and equity $ 265,840 $ 275,510 Item Source/Use Amount Cash $ Accounts receivable $ Inventories $ Property, plant, and equipment $ Accounts payable $ Accrued expenses $ Long-term debt $ Common stock $ Accumulated retained earnings $

Explanation / Answer

Item Source / Use Amount$ Cash use 29800 - 30700 = -900 Accounts receivable use 70200 - 73240 = -3040 Inventories use 61100 - 63250 = - 2150 Property, plant and equipment use 150000 - 159400 = - 9400 Accounts Payable source 47320 - 45200 = 2120 Accrued Expenses use 5860 - 6580 = -720 Long Term Debt source 28450 - 25900 = 2550 Common Stock source 23300 - 19000 = 4300 Accumulated Retained Earnings source 170580 - 169160 = 1420

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