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Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical...

Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Prepare a classified balance sheet for the year-ended December 31, 2017. For the bank loan, $50,000 is due in 2018. For Notes receivable, $30,000 will be collected in 2018.
Account Title Debit Credit
Accounts payable $57,321
Accumulated depreciation, equipment 98,000
Accumulated depreciation, furniture 48,600
Bank loan 687,536
Cash $305,687
Equipment 450,300
Operating expenses 45,987
Furniture 160,000
Merchandise inventory 30,000
Natsuki Miyakawa, capital 32,241
Natsuki Miyakawa, withdrawal 25,000
Notes receivable 65,000
Revenue 125,689
Wages payable 32,587
Total $1,081,974 $1,081,974

Solutions

Expert Solution

Sunshine Sushi Balance sheet December 31 ,2017
Assets
Current Assets
Cash $3,05,687
Merchandise Inventory $30,000
Notes Receivable -current $30,000
Total Current Assets $3,65,687
Non - Current Investments :
Notes Receivable, non - current $35,000
Property, Plant & Equipment
Equipment $4,50,300
Accumlated Depreciation on Equipment ($98,000)
Furniture $1,60,000
Accumlated Depreciation Furniture ($48,600)
Total Property, Plant & Equipment $4,63,700
Total Assets $8,64,387
Liabilities
Current Liabilities:
Accounts Payable $57,321
Wages Payable $32,587
Bank Loan, Current $50,000
Total Current Liabilities (a) $1,39,908
Non - Current Laibilities
Bank Loan - non current (b) $6,37,536
Total Liabilities (a + b) $7,77,444
Equity
Natsuki Miyakawa, Capital $86,943*
* $32,241 + ($1,25,689 - $45,987) - $25,000
Total Liabilities & Equity $8,64,387

Calculation of Natsuki Capital

Revenue $1,25,689

Less Operating Expenses ($45,987)   

Profit $79,702

Capital $32,241

Less Withdrawal ($25,000)

So Final Capital $86,943

ekkarill92 answered 2 years ago
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