P15-3A (a)
Incorrect.
Condensed balance sheet and income statement data for
Kersenbrock Corporation appear below.
KERSENBROCK CORPORATION
Balance Sheets
December 31
2009
2008
2007
Cash
$ 25,000
$ 20,000
$ 18,000
Receivables (net)
50,000
45,000
48,000
Other current assets
90,000
95,000
64,000
Investments
75,000
70,000
45,000
Plant and equipment (net)
400,000
370,000
358,000
$640,000
$600,000
$533,000
Current liabilities
$ 75,000
$ 80,000
$ 70,000
Long-term debt
80,000
85,000
50,000
Common stock, $10 par
340,000
310,000
300,000
Retained earnings
145,000
125,000
113,000
$640,000
$600,000
$533,000
KERSENBROCK CORPORATION