Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall

Exercise 84

Complete the balance sheet using cash flow data Following is a partially completed balance sheet for Epsico, Inc., at December 31, 2010, together with comparative data for the year ended December 31, 2009. From the statement of cash flows for the year ended December 31, 2010, you determine the following:

Net income for the year ended December 31, 2010, was $26.

Dividends paid during the year ended December 31, 2010, were $8.

Cash increased $8 during the year ended December 31, 2010.

The cost of new equipment acquired during 2010 was $15; no equipment was

disposed of.

There were no transactions affecting the land account during 2010, but it is estimated that the fair market value of the land at December 31, 2010, is $42.

Required:

Complete the balance sheet at December 31, 2010.

EPSICO, INC. Balance Sheets December 31, , 2010 and 2009
	2010	2009		2010	2009
Assets			Liabilities and Owners’	Equity
Current assets:			Current liabilities:
Cash	$	$ 30	Note payable	$ 49	$ 40
Accounts receivable	126	120	Accounts payable	123	110
Inventory	241	230
Total current assets	$	$380	Total current liabilities	$172	$150
			Long-term debt		80
Land	$	$ 25	Total liabilities	$	$230
Equipment		375	Owners’ Equity
Less: Accumulated			Common stock	$200	$200
depreciation	(180)	(160)	Retained earnings		190
Total land&equipment	$	$240	Total owners’ equity	$	$390
			Total liabilities and
Total assets	$	$620	owners’ equity	$	$620

Step 1 of 3

Complete the balance sheet (Missing figures)

Balance sheet: It refers to a financial statement that facilitates the summarization of a company's assets and liabilities plus shareholders' equity at a particular point in time.