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Exercise 13-13
Exercise 13-9 Your answer is partially correct.
Kinder Company has these comparative balance sheet data:
KINDER COMPANY
Balance Sheets
December 31
2014
2013
Cash
$ 29,895 $ 59,790
Accounts receivable
139,510
119,580
( net)
Inventory
119,580
99,650
Plant assets
( net)
398,600
358,740
$ 687,585 $ 637,760
Accounts payable
$ 99,650 $ 119,580
Mortgage payable
199,300
199,300
( 15 %)
Common stock, $ 10 par
279,020
239,160
Retained earnings
109,615
79,720
$ 687,585 $ 637,760
Additional information for 2014: 1. Net income was $ 30,600.
Sales on account were $ 377, 000. Sales returns and allowances 2. amounted to $ 26,600. 3. Cost of goods sold was $ 201,000. 4. Net cash provided by operating activities was $ 58,500. 5. Capital expenditures were $ 26,100, and cash dividends were