Alyssa Plastic Company
Assets | Amount | Liabilities & Equity | Amount |
Cash | $ 23,000 | Accounts Payable | $ 16,000 |
Marketable Securities | 2,000 | Accrued Liabilities | 4,000 |
Accounts Receivable | 5,000 | Notes Payable (Short Term) | 8,000 |
Notes Receivable | 1,000 | Long-Term Notes Payable | 47,000 |
Inventory | 20,000 | Common Stock | 10,000 |
Equipment | 50,000 | Additional Paid-in Capital | 80,000 |
Factory Building | 90,000 | Retained Earnings | 31,000 |
Intangibles | 5,000 | ||
Total Assets | $196,000 | Total Liabilities & Equity | $196,000 |
During the current year, the company had the following summarized activities:
a. Purchased marketable securities for $12,000 cash.
b. Lent $6,000 to a supplier, who signed a two-year note.
c. Purchased equipment that cost $19,000; paid $4,000 cash and signed a one-year note for the balance.
d. Hired a new president at the end of the year. The contract was for $95,000 per year plus options to purchase company stock at a set price based on company performance.
e. Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash.
f. Borrowed $8,000 cash as a short-term note payable from a local bank.
g. Purchased a patent for $4,000 cash.
h. Built an addition to the factory for $25,000; paid $7,000 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,000.
Required
1. Prepare a balance sheet as of December 31 of the current year.
3. Analyze the financial status of the company over this last year.
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