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 1 year agoRelated Solutions
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Balance the budget sheet:
Current Assets:
Total Current Assets:
Property and equipment:
Other assets:
Total Assets:
Current liabilities:
Total Current Liabilities:
Total Liabilities:
Share holders equity
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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
cash equivalents
$100,000
Deferred
revenue
$2,000
Notes
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$10,000
Inventory
$15,000
Retained...
Domino Inc. has the following plant, property, and equipment assets on its balance sheet for 2021...
Domino Inc. has the following plant, property, and equipment
assets on its balance sheet for 2021 and 2020:
($ 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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$ 19,600
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Balance Sheet The assets of Dallas & Associates consist entirely of current assets and net plant...
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The assets of Dallas & Associates consist entirely of
current assets and net plant and equipment. The firm has total
assets of $2.6 million and net plant and equipment equals $2.2
million. It has notes payable of $155,000, long-term debt of
$746,000, and total common equity of $1.45 million. The firm does
have accounts payable and accruals on its balance sheet. The firm
only finances with debt and common equity, so it has no preferred
stock on its...
BALANCE SHEET The assets of Dallas & Associates consist entirely of current assets and net plant...
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current assets and net plant and equipment. The firm has total
assets of $2.6 million and net plant and equipment equals $2.2
million. It has notes payable of $140,000, long-term debt of
$755,000, and total common equity of $1.45 million. The firm does
have accounts payable and accruals on its balance sheet. The firm
only finances with debt and common equity, so it has no preferred
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The assets of Dallas & Associates consist entirely of
current assets and net plant and equipment. The firm has total
assets of $2.5 million and net plant and equipment equals $2.2
million. It has notes payable of $140,000, long-term debt of
$745,000, and total common equity of $1.45 million. The firm does
have accounts payable and accruals on its balance sheet. The firm
only finances with debt and common equity, so it has no preferred
stock on its...
BALANCE SHEET The assets of Dallas & Associates consist entirely of current assets and net plant...
BALANCE SHEET
The assets of Dallas & Associates consist entirely of
current assets and net plant and equipment. The firm has total
assets of $2.6 million and net plant and equipment equals $2.2
million. It has notes payable of $145,000, long-term debt of
$750,000, and total common equity of $1.55 million. The firm does
have accounts payable and accruals on its balance sheet. The firm
only finances with debt and common equity, so it has no preferred
stock on its...
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