Balance sheet
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In addition to the financial statements provided in the associated Excel file, you have the following information about Brewer Corporation:
1. The company declared and paid a cash dividend to shareholders of $5,000 in December of 2007.
2. No stock was issued, nor treasury stock acquired, in 2007,
3. No long-term borrowings were made nor repaid in 2007,
4. The balance of accounts payable on December 31, 2007 is $42,295,
5. The annual interest cost on the note payable of $4,800 was paid on September 1, 2007
6. Income taxes of $6,000 were prepaid during 2007; the rest of the income taxes are unpaid as of December 31, 2007.
7. Equipment was acquired for $8,000 cash during the year. No equipment was disposed of.
8. Accounts receivable written off as uncollectible during 2007 were $2,443.
9. Cash paid for salaries in 2007 was $202,531.
10. Cash paid for rent in 2007 was $33,000.
11. Inventory turnover for 2007 was three (3) times.
12. Gross accounts receivable at December 31, 2007 were $3,700 higher than the prior year.
Prepare a balance sheet for Brewer Corporation as of December 31, 2007.
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Solution Summary
Excel file contains a balance sheet for Brewer Corporation as of December 31, 2007.
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