jamesgraham577
17.04.2020 •
Business
Blue Hamster Manufacturing Inc. is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheets for Blue Hamster Manufacturing Inc. for the years ending December 31, Year 2 and 1, respectively.
Blue Hamster Manufacturing Inc.
Balance Sheet
For the Year ended December 31
Year 2 Year 1 Year 2 Year 1
Assets Liabilities and equity
Current assets: Current liabilities:
Cash and-
equivalents $55,350 Accounts payable $0 $0
Accounts receivable $25,312 $20,250 Accruals $3,516 $0
Inventories $74,250 $59,400 Notes payable $19,921 $18,750
Total current assets $168,750 $135,000 Total current liabilities $18,750
Net fixed assets: Long-term debt $70,312 $56,250
Net plant and-
equipment $165,000 Total debt $93,750 $75,000
Common equity:
Common stock $182,812 $146,250
Retained earnings $78,750
Total common-
equity $281,250 $225,000
Total liabilities
Total assets $375,000 $300,000 and equity $375,000 $300,000
Based on your understanding of the balance sheet and its different accounts, if everything else remains the same, the cash item on the current balance sheet is likely to if the firm issues $3 million of new common stock.
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