Question
In: Finance
1.) Based on the following information, prepare a balance sheet. Current Assets = $15,000; Property, Plant...
1.) Based on the following information, prepare a balance sheet. Current Assets = $15,000; Property, Plant & Equipment = $25,000; Accumulated Depreciation = $5,000; Accounts Payable = $5,000; Notes Payable = $5,000; Total Liabilities = $25,000
Solutions
Expert Solution
| Ans. | Balance Sheet | |||
| Assets | Amount | Liabilities & Stockholder's equity | Amount | |
| Currrent assets | $15,000 | Accounts payable | $5,000 | |
| Notes payable | $5,000 | |||
| Property, Plant & Equipment | $25,000 | Current liabilities | $10,000 | |
| Less: Accumulated depreciation | -$5,000 | Long term debt | $15,000 | |
| Net Property, Plant & Equipment (b) | $20,000 | Total liabilities | $25,000 | |
| Stockholder's equity | $10,000 | |||
| Total Assets (A + B) | $35,000 | Total Liabilities & Stockholder's equity | $35,000 | |
| *Total liabilities is the sum of current liabiliites and Long term debt. | ||||
| * Long term debt = Total liabiliites - Current liabilities | ||||
| $25,000 - $10,000 = $15,000 | ||||
| * Stock holder's equity is the difference between Total assets and Total liabilities. | ||||
| because the Total of the balance sheet is equal from both side. So the balancing | ||||
| figure of stockholder's equity can be find out by using the following formula: | ||||
| Stockholder's equity = Total assets - Total liabilities | ||||
| $35,000 - $25,000 = $10,000 | ||||
jeff jeffy answered 4 months agoRelated Solutions
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Total Current Assets:
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Instructions: Please place the following items and amounts
in their correct locations on the balance sheet
Accounts
payable
$30,000
Accounts
receivable
$20,000
Investments
$10,000
Common
stock
$10,000
Additional paid-in capital
$20,000
Prepaid
expense
$4,000
Cash and
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$100,000
Deferred
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$2,000
Notes
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Inventory
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Domino Inc. has the following plant, property, and equipment assets on its balance sheet for 2021...
Domino Inc. has the following plant, property, and equipment
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($ thousands)
2021
2020
Land
$ 4,200
$ 4,000
Buildings
10,400
9,800
Machinery and equipment
6,500
6,800
21,100
20,600
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1,200
1,000
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million. It has notes payable of $155,000, long-term debt of
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