Question

he March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order.

		Debit			Credit
Accounts payable				$	31,000
Accounts receivable	$	48,000
Accumulated depreciation, equipment					9,000
Accumulated depreciation, truck					21,000
Cash		14,400
Depreciation expense		3,800
Equipment		19,000
Franchise		21,000
Gas and oil expense		7,500
Interest expense		450
Interest payable					750
Land not currently used in business operations		148,000
Long-term notes payable1					35,000
Notes payable, due February 1, 2021					7,000
Notes receivable2		6,000
Intangible asset		7,000
Prepaid rent		14,000
Rent expense		51,000
Repair revenue					266,000
Repair supplies		13,100
Repair supplies expense		29,000
Truck		26,000
Unearned repair revenue					12,600
Vic Sopik, capital					74,900
Vic Sopik, withdrawals		49,000
Totals	$	457,250		$	457,250

¹$5,000 of the long-term note payable is due during the year ended March 31, 2021.
²$2,000 of the notes receivable will be collected by March 31, 2021.

Calculate each of the following:

b)property plant and equipment

c)intangible assets

d)non-current liabilities

e) non current investment

f) current liabilities

g total assets

total liabilities

total liabilities and equity

Answer 1

Requirement b)

Property,plant and equipment:
Land not currently used in business operations	148,000
Equipment	19,000
Accumulated depreciation, equipment	-9,000
Truck	26,000
Accumulated depreciation, truck	-21,000
Total property,plant, and equipment	163,000

Requirement c)

Intangible asset:
Franchise	21,000
Intangible asset	7,000
Total intangible assets	28,000

Requirement d)

Non-current liabilities:
Long-term notes payable [35000-5000 current portion]	30,000

Requirement e)

Non-Investments:
Notes receivable [6,000 - 2,000 current portion]	4,000

Requirement f)

Current liabilities:
Accounts payable	31,000
Interest payable	750
Unearned repair revenue	12,600
Notes payable, due February 1, 2021	7,000
Current portion of long-term notes payable	5,000
Total current liabilities	56,350

Current liabilities:
Accounts payable	31,000
Interest payable	750
Unearned repair revenue	12,600
Notes payable, due February 1, 2021	7,000
Current portion of long-term notes payable	5,000
Total current liabilities	56,350

Requirement g)

Assets
Current liabilities:
Cash	14,400
Accounts receivable	48,000
Notes receivable2	$2,000
Prepaid rent	14,000
Total current assets		78,400
Non-current Investments:
Notes receivable2 [6,000 - 2,000 current portion]		4,000
Property,plant and equipment:
Land not currently used in business operations	148,000
Equipment	19,000
Accumulated depreciation, equipment	-9,000
Truck	26,000
Accumulated depreciation, truck	-21,000
Total property,plant, and equipment		163,000
Intangible asset:
Franchise	21,000
Intangible asset	7,000
Total intangible assets		28,000
Total assets		273,400

Total liabilities:

Liabilities
Current liabilities:
Accounts payable	31,000
Interest payable	750
Unearned repair revenue	12,600
Notes payable, due February 1, 2021	7,000
Current portion of long-term notes payable	5,000
Total current liabilities		56,350
Non-current liabilities:
Long-term notes payable [35000-5000 current portion]		30,000
Total liabilities		86,350

Total liabilities and equity:

Total liabilities and equity = Total assets. So, Total liabilities and equity are 273,400