Problems: Financial data of Fancy Footwork Company for 2013 and 2012 are presented below. FANCY FOOTWORK COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2013 AND 2012 2013 2012 Cash $ 260,000 $ 230,000 Receivables $ 156,000 $ 120,000 Inventory $ 180,000 $ 220,000 Plant assets $ 160,000 $ 135,000 Accumulated depreciation $ (80,000) $ (76,000) Long-term investments (held-to-maturity) $ 80,000 $ 93,000 $ 756,000 $ 722,000 Accounts payable $ 135,000 $ 122,000 Accrued liabilities $ 30,000 $ 33,100 Bonds payable $ 135,000 $ 166,000 Common stock $ 180,000 $ 165,000 Retained earnings $ 276,000 $ 235,900 $ 756,000 $ 722,000
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