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E15-7

 
 

Bennis Company has the following comparative balance sheet
data.

 
BENNIS COMPANY

 
Balance Sheets

 

December 31

 
 
2009
 
2008

 
Cash
$ 15,000
 
$ 30,000

 
Receivables (net)
70,000
 
60,000

 
Inventories
60,000
 
50,000

 
Plant assets (net)

200,000

 

180,000

 
 

$345,000

 

$320,000

 
 
 
 
 

 
Accounts payable
$50,000
 
$60,000

 
Mortgage payable (15%)
100,000
 
100,000

 
Common stock, $10 par
140,000
 
120,000

 
Retained earnings

55,000

 

40,000

 
 

$345,000

 

$320,000

Additional information for 2009:

Net income was $25,000.

Sales on account were $410,000. Sales returns and allowances
were $20,000.

Cost of goods sold was $198,000. 

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