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16-A1 Balance Sheet and Income Statement: Loring Company

16-A1 Balance Sheet and Income Statement: Loring Company
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Introduction to Management Accounting
16-A1 Balance Sheet and Income Statement
The Loring Company had the following items on its December 31, 20X0, balance sheet and 20X0 income statement (in dollars except for number of shares outstanding):

Cash and equivalents $ 44,000
Revenues 800,000
Notes payable 40,000
Long-term debt, excluding current portion 210,000
Accounts receivable, net 48,000
Provision for income taxes 60,000
Other long-term assets 110,000
Interest expense 55,000
Deferred income tax liability 44,000
Retained earnings 202,000
Income taxes payable 37,000
Cost of sales 460,000
Inventories 36,000
Prepaid expenses 15,000
Common stock (50,000 shares outstanding) 25,000
Property, plant, and equipment, at cost 580,000
Accounts payable 43,000
Interest income 15,000
Goodwill, patents, and trademarks 75,000
Current portion of long-term debt 16,000
Less: accumulated depreciation 170,000
Selling and administrative expenses 150,000
Additional paid-in capital ?

Prepare in proper form the December 31, 20X0, balance sheet and the 20X0 income statement for Loring Company. Include the proper amount for additional paid-in capital.



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