Liberty Plastics Company
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Liberty Plastics Company comparative balance sheets are presented below. |
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Liberty Plastics Company, Inc. |
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Comparative Balance Sheets |
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31-Dec |
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2022 |
2021 |
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Cash |
$28,700 |
$23,000 |
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Accounts receivable |
22,000 |
24,000 |
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Prepaid Insurance |
6,000 |
3,000 |
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Inventory |
10,000 |
8,000 |
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Land |
28,000 |
45,000 |
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Buildings |
58,000 |
41,000 |
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Equipment |
135,000 |
105,000 |
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Accumulated depreciation—buildings |
(17,400) |
(14,350) |
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Accumulated depreciation—equipment |
(91,500) |
(75,000) |
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Total |
$178,800 |
$159,650 |
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Accounts payable |
$23,000 |
$46,650 |
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Unearned revenue |
$3,000 |
$2,000 |
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Common stock |
40,000 |
30,000 |
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Retained earnings |
112,800 |
81,000 |
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Total |
$178,800 |
$159,650 |
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Additional information: |
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a. Land was sold during the year for $50,000. |
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No other changes occurred to the land account this year. |
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b. Equipment was sold for $60,000 cash during the year. It had a net book value of $42,000. |
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Original Cost was $84,000. |
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c. An addition was built to the building, creating new space. New equipment was purchased |
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d. Net income was $55,800. Dividends declared and paid were $24,000. |
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