The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS...
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The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory Investments $128,500 119,000 91,000 79,000 1,900 76,000 94,000 3,900 Long-term assets Land Equipment Less: Accumulated depreciation 470,000 780,000 (418,000) 470,000 660,000 (258,000) Total assets $ 1,134,400 $ 1,162,900 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable $ 98,000 6,000 8,000 84,000 11,900 4,900 Long-term liabilities Notes payable 120,000 240,000 Stockholders' equity: Common stock Retained earnings 690,000 212,400 690,000 132,100 Total liabilities and stockholders' equity $1,134,400 $ 1,162,900 Additional information for 2018: 1. Net income is $80,300 2. Sales on account are $1,486,300 3. Cost of goods sold is $1,141,800
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