Transcribed Image Text: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distributed at a meeting of the

Transcribed Image Text: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd,
have just been distributed at a meeting of the company’s board of directors.
Simple Things Industries Ltd.
Comparative Balance Sheet
December 31, 2014 and 2013
2014
2013 Increase/(Decrease)
Assets
Cash
238,000
303,200
358,300
35,350
205,000
1.105,000
2.244,850
215,200
259,300
Accounts Receivable
Inventories
Prepaid expenses
Intangible assets
Plant assets, net
Total Assets
?
348,200
43,100
205,000
?
910,000
1,980,800
Liabilities
Accounts payable
Accrued liabilities
Income tax payable
Long-term notes payable
Stockholders’ Equity
Common Stock
Retained earnings
254,300
415,300
240,000
410,000
135,400
?
115,000
845,400
?
910,500
295,500
345,600
275,300
295,400
Treasury stock
Total liabilities and stockholders’ equity
(26,250)
2244,850
(285,800)
1,980,800 Transcribed Image Text: Simple Things Industries Ltd
Income Statement
Year Ended December 31,2014
Revenues and gains:
Sales revenue
Gain on sale of plant assets
Total revenues and gains
Expenses
Cost of goods sold
Depreciation expense
Other operating expense
Total expenses
Income before income taxes
Income tax expense
Net Income
2,224,000
115,500
2,339,500
1,305,000
165400
405400
1,875,800
463,700
265,000
198,700
Notes
Acquisition of plant asset during 2014
Sale proceed from sale of plant asset
Receipt for issuance of notes payable
Payment for note payable
Dividend paid
Book value of equipment sold
600,900
356,000
384,900
450,000
148,500
240,500
Requirements
1. Reconstruct the company’s comparative balance sheet for 2013/2014 using the
information above and compute and show the missing figures to include the
appropriate sign as a positive or negative figure.

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