Question

Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the year ended December 31, 2019. you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2019, was $104. Dividends paid during the year ended December 31, 2019, were $32. Cash increased $32 during the year ended December 31, 2019 The cost of new equipment acquired during 2019 was $60; no equipment was disposed of. There were no transactions affecting the land account during 2019, but it is estimated that the fair market value of the land at December 31, 2019, is $168. Required: Complete the balance sheet at December 31, 2019. (Enter decreases with a minus sign to indicate a negative financial statement effect.) EPSICO INC.

Answer 1

Balance sheet

Assets	2019	2018	Liabilities and stockholder's equity	2019	2018
Current assets			Current liabilities
Cash (120+32)	152	120	Notes payable	196	160
Account receivable	504	480	Account payable	492	440
Inventory	964	920	Total Current liabilities	688	600
Total Current assets	1620	1520	Long term debt	240	320
			Total liabilities	928	920
Land	100	100	Stockholder's equity
Equipment	1560	1500	Common Stock	800	800
Less: Accumulated depreciation	-720	-640	Retained earnings (760+104-32)	832	760
Total land and equipment	940	960	Total Stockholder's equity	1632	1560
Total assets	2560	2480	Total liabilities and stockholder's equity	2560	2480