Scully Corporation’s comparative balance sheets are presented below.
SCULLY CORPORATION
Balance Sheets
|
2011 |
2010 |
||
|
Cash |
4,300 |
3,700 |
|
|
Accounts receivable |
21,200 |
23,400 |
|
|
Inventory |
10,000 |
7,000 |
|
|
Land |
20,000 |
26,000 |
|
|
Building |
70,000 |
70,000 |
|
|
Accumulated depreciation |
(15,000) |
(10,000) |
|
|
Total |
110,500 |
120,100 |
|
|
Accounts payable |
12,370 |
31,100 |
|
|
Common stock |
75,000 |
69,000 |
|
|
Retained earnings |
23,130 |
20,000 |
|
|
Total |
110,500 |
120,100 |
|
Scully’s 2011 income statement included net sales of $100,000, cost of goods sold $60,000, and net income of $15,000.
Show computation (equation) for the following: