Liberty Plastics Company

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Liberty Plastics Company comparative balance sheets are presented below.

Liberty Plastics Company, Inc.

Comparative Balance Sheets

31-Dec

2022

2021

Cash

$28,700

$23,000

Accounts receivable

22,000

24,000

Prepaid Insurance

6,000

3,000

Inventory

10,000

8,000

Land

28,000

45,000

Buildings

58,000

41,000

Equipment

135,000

105,000

Accumulated depreciation—buildings

(17,400)

(14,350)

Accumulated depreciation—equipment

(91,500)

(75,000)

Total

$178,800

$159,650

Accounts payable

$23,000

$46,650

Unearned revenue

$3,000

$2,000

Common stock

40,000

30,000

Retained earnings

112,800

81,000

Total

$178,800

$159,650

Additional information:

a. Land was sold during the year for $50,000.

No other changes occurred to the land account this year.

b. Equipment was sold for $60,000 cash during the year. It had a net book value of $42,000.

Original Cost was $84,000.

c. An addition was built to the building, creating new space. New equipment was purchased

d. Net income was $55,800. Dividends declared and paid were $24,000.

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