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Accounting help! Thanks! The balance sheet for...

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Accounting

Accounting help! Thanks!

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The balance sheet for Plasma Screens Corporation along with additional information is provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2015 and 2014 2015 2014 Assets Current assets: 151,300 66,800 Cash 75.600 Accounts receivable 89,000 89,000 74,600 Inventory 2,800 Prepaid rent 1,400 Long-term assets: Land 450.000 450,000 744,000 Equipment 640,000 (412,000) (256,000) Accumulated depreciation Total assets 1,100,700 1,165,800 Liabilities and Stockholders' Equity: Current liabilities: 93,000 79,600 Accounts payable Interest payable 6.900 13,800 Income tax payable 6,800 4,400 Long-term liabilities 115,000 230,000 Notes payable Stockholders' equity: 670,000 670,000 Common stock Retained earnings 209.000 168,000 Total liabilities and stockholders' equity 1,100,700 1,165,800 Additional Information for 2015 1. Net income is $63,000. 2. The company purchases $104,000 in equipment. 3. Depreciation expense is $156,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $22,000

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