Below are balance sheet and income statement data for Howard
Bannister Company. Note: For the balance sheet
data, the end-of-year information is in the left
column.
Balance Sheet Data
20X2 20X1
Accounts
Payable................................................................................................
95.............................................................
165
Accumulated
Depreciation................................................................................
520
...........................................................339
Cash ................................................................................................................
130
..........................................................100
Common Stock
.............................................................................................. 1,000.........................................................
700
DIVIDENDS
PAYABLE.........................................................................................
40............................................................
25
Equipment.........................................................................................................
2,395.......................................................
2,700
Income Tax Payable
..........................................................................................100............................................................
135
Inventory..........................................................................................................
1,120...........................................................
890
Mortgage
Payable..............................................................................................
900.........................................................
1,500
Prepaid General
Expenses...............................................................................
300.............................................................
350
Retained Earnings (ending balance, after
closing)......................................
1,240......................................................
1,098
Unearned Sales
Revenue.....................................................................................