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PLEASE READ CAREFULLY ALL WORK MUST BE SHOWN – USE THE SPREADSHEET ATTACHED<\/p>\n
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GeneralProducts Inc. is incorporated in Nevada, USA on Jan 1st 2013 to take over a local retail chain. The objective of the company is to supply goods of everyday use to customers at the most competitive prices. GeneralProducts has established a chain of stores throughout USA. The retail operations of the company are so designed that customers can shop seamlessly in stores and online.<\/p>\n
You may use the attached Balance Sheet of GeneralProducts as of Dec 2015<\/a> and the financial data for 2016.The same information is provided below.<\/p>\n
Balance Sheet of GeneralProducts Inc. on December 31, 2015<\/th>\n<\/tr>\n<\/thead>\n | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ASSETS<\/th>\n<\/tr>\n | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalent<\/td>\n | <\/td>\n | 11,980<\/td>\n | <\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivables <\/td>\n | <\/td>\n | 20,520<\/td>\n | <\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory<\/td>\n | <\/td>\n | 317,060<\/td>\n | <\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory of Premiums (@0.10 per premium) <\/td>\n | <\/td>\n | 660<\/td>\n | <\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets <\/td>\n | <\/td>\n | <\/td>\n | 350,220<\/strong><\/td>\n<\/tr>\nLONG TERM ASSETS<\/th>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | Investments<\/td>\n | <\/td>\n | 66,775<\/td>\n | <\/td>\n<\/tr>\n | Property Plant and Equipment <\/td>\n | 750,000<\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | Less Accumulated Depreciation <\/td>\n | 90,000<\/td>\n | 660,000<\/td>\n | <\/td>\n<\/tr>\n | Total Long Term Assets <\/td>\n | <\/td>\n | <\/td>\n | 726,775<\/td>\n<\/tr>\n | INTANGIBLE ASSETS<\/th>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | Trade Marks <\/td>\n | <\/td>\n | <\/td>\n | 190,000<\/td>\n<\/tr>\n | Total Assets <\/td>\n | <\/td>\n | <\/td>\n | 1,266,995<\/strong><\/td>\n<\/tr>\n | LIABILITIES AND SHAREHOLDERS’ EQUITY<\/th>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | Current Liabilities <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | Accounts Payable <\/td>\n | <\/td>\n | 50,772 <\/td>\n | <\/td>\n<\/tr>\n | Liability for Premiums and Coupons <\/td>\n | <\/td>\n | 550 <\/td>\n | <\/td>\n<\/tr>\n | 5% Short Term Notes Payable due on March 31, 2016 <\/td>\n | <\/td>\n | 8,000<\/td>\n | <\/td>\n<\/tr>\n | Accrued Interest on 6% Bonds Payable <\/td>\n | <\/td>\n | 3,000 <\/td>\n | <\/td>\n<\/tr>\n | Total Current Liabilities <\/td>\n | <\/td>\n | <\/td>\n | 62,272<\/strong><\/td>\n<\/tr>\n | 6% Bonds Payable due 2020 <\/td>\n | <\/td>\n | 100,000<\/td>\n | <\/td>\n<\/tr>\n | Unamortized Discount on Bonds Payable <\/td>\n | <\/td>\n | 6,732<\/td>\n | 93,268<\/td>\n<\/tr>\n | Total Liabilities<\/td>\n | <\/td>\n | <\/td>\n | 155,540<\/strong><\/td>\n<\/tr>\n | Stockholder’s Equity<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | Common Stock<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | 125,000 shares, par value $1 authorized 100,000 shares issued and outstanding<\/td>\n | <\/td>\n | 130,000<\/td>\n | <\/td>\n<\/tr>\n | Paid inCapital in Excess of Par<\/td>\n | <\/td>\n | 946,000<\/td>\n | <\/td>\n<\/tr>\n | Retained Earnings<\/td>\n | <\/td>\n | 35,455<\/td>\n | <\/td>\n<\/tr>\n | Total nStockholders’ Equity<\/td>\n | <\/td>\n | <\/td>\n | 1,111,455<\/strong><\/td>\n<\/tr>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | Total Liabilities and Stockholders’ Equity<\/th>\n | <\/td>\n | <\/td>\n | 1,266,995<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n | <\/p>\n GeneralProducts provides us financial and business related data for 2016 below. |