Balance Sheets
For the Years Ended December 31, 2005, December 31, 2004 and December 31, 2003
(In Thousands)
2005 2004 2003
Assets
Current Assets
Cash $2,240 $1,936 $1,852
Accounts Receivable 2,340 2,490 2,510
Merchandise Inventory 776 693 703
Prepaid Expenses 200 160 160
Total Current Assets $5,556 $5,279 $5,225
Plant and Equipment
Buildings $7,723 $6,423 $6,423
Less: Accumulated depreciation 3,677 3,534 3,400
Buildings, Net $4,046 $2,889 $3,023
Equipment $2,687 $2,387 $2,387
Less: Accumulated depreciation 1,564 1,523 1,503
Equipment, Net $1,123 $864 $884
Total Plant and Equipment $5,169 $3,753 $3,907
Total Assets $10,725 $9,032 $9,132
Liabilities and Owners’ Equity
Current Liabilities
Accounts Payable 1,616 1,080 820
Notes Payable 2,720 2,920 3,080
Total Current Liabilities 4,336 4,000 3,900
Long-Term Liabilities $2,000 $1,600 $2,000
Total Liabilities $6,336 $5,600 $5,900
Stockholders Equity
Common Stock $3,000 $2,400 $2,400
Retained Earnings 1,389 1,032 832
Total Stockholders Equity $4,389 $3,432 $3,232
Total Liabilities and Stockholders Equity $10,725 $9,032 $9,132
Answers
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Explanation:
The role of accounting has now shifted from that of a mere recording of business transactions to that of providing information to managers and other various interested parties in order to help them in making appropriate decisions.
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