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E15-11

 
 

Scully Corporation’s comparative balance sheets are presented
below.

 
SCULLY CORPORATION

 
Balance Sheets

 

December 31

 
 
2008
 
2007

 
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 2008 income statement included net sales of $100,000,
cost of goods sold of $60,000, and net income of $15,000.
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