
FIGURE
Amalgamated Hat Rack balance sheet as of
December 31, 2013 and 2012
2013
Assets
Cash and marketable
securities
Accounts receivable
Inventory
Prepaid expenses
Total current
assets 2,165,500 1,851,500 314,000
Gross property, plant,
2,100,000 1,900,000 200,000
and equipment
Less: accumulated
depreciation 333,000 290,500 (42,500)
Net property, plant, and
equipment 1,767,000 1,609,500 157,500
Total assets 3,932,500$ 3,461,000 471,500
Liabilities and owners’ equity
Total current
1,000,000 1,016,000 (16,000)
liabilities
Long-term debt 750,000 660,000 90,000
Total liabilities 1,750,000 1,676,000 74,000
Contributed capital
Retained earnings
900,000
1,282,500
850,000
935,000 ...