Spence Resources Inc\'s December 31 incomplete balance sheet information follows

Question

Spence Resources Inc's December 31 incomplete balance sheet information follows along with additional information: 2017 2016 2015 $361,620 $211,400 138,600 261,870 176,666 138,110 Accounts payable Accounts receivable, net Cash Common shares Long-term notes payable due 2020 Inventory Plant assets, net Prepaid expenses 72,870 98,784 103,390 462,000 462,000 462,000 276,500 290,500 234,500 315,700 234,500 151,900 784,000 721,000 649,600 27,440 26,800 11,480 46 200 shares were issued and outstanding for all three years. December 31 2017 2016 $37.00 $35.00 Common shares market price Annual cash dividends declared per share 1.30 1.00 Required 1. Prepare a three-year comparative balance sheet for Spence Resources Inc. (Enter all amounts as positive values.) SPENCE RESOURCES INC Balance Sheet December 31 2017 2016 2015 Assets Current assets

Explanation / Answer

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Note: Answers rounded off to two decimal places as the requirement per question is cut and hence not seen in the image uploaded. Kindly check prior to submission and round off accordingly.

Workings:

SPENCE RESOURCES INC. Balance Sheet December 31 2017 2016 2015 Assets Current assets Cash 72870 98784 103390 Accounts receivable, net 261870 176666 138110 Inventory 315700 234500 151900 Prepaid expenses 27440 26800 11480 Total current assets 677880 536750 404880 Plant assets, net 784000 721000 649600 Total assets 1461880 1257750 1054480 Liabilities Accounts payable 361620 211400 138600 Long-term notes payable due 2020 276500 290500 234500 Total liabilities 638120 501900 373100 Equity Common shares 462000 462000 462000 Retained earnings 361760 293850 219380 Total equity 823760 755850 681380 Total liabilities and equity 1461880 1257750 1054480

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