Presented Below Is a Partially Completed Balance Sheet for Baldin

question 25

Essay

Presented below is a partially completed balance sheet for Baldin, Inc., at December 31, 2017, together with comparative data for the year ended December 31, 2016. From the Statement of Cash Flows for the year ended December 31, 2017, you determine that:
• Net income for the year ended December 31, 2017, was $106,000.• Dividends paid during the year ended December 31, 2017, were $42,000.• Accounts receivable increased $14,000 during the year ended December 31, 2017.• The cost of new buildings acquired during 2017, was $85,000.• No buildings were disposed of during 2017.• The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2017, is $210,000.Required:
(a.) Complete the December 31, 2017, balance sheet.(b.) Prepare a statement of cash flows for the year ended December 31, 2017.

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Definitions:

Strict Liability

A legal doctrine that holds an individual or entity responsible for their actions or products without the need to prove negligence or fault.

Contributory Negligence

A legal defense where the plaintiff's own negligence played a part in the harm suffered, potentially reducing the liability of the defendant.

Comparative Negligence

A legal principle where the fault for an accident is divided among the parties involved based on the degree of responsibility each has.

Defense

Legal strategies and arguments used to protect against a lawsuit or criminal charge.