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Using the following accounts, prepare a Balance SheetAccounts receivable $ 237,000Inventory 243,000Accounts payable...

Using the following accounts, prepare a Balance Sheet


Accounts receivable $ 237,000

Inventory 243,000

Accounts payable 89,000

Notes payable 169,000

Cash 95,000

2,080,976 Sales (Sales = Income)

Interest expense 19,296

Fixed assets 500,000

87,000 Accruals (accumulated)

188,000 Long Term Debt

255,000 Comon stock (common equity)

40% Taxes

212,000 Retained earnings

75,000 Accumulated depreciation

Solutions

Expert Solution

- Preparing the Balance Sheet:-

Assets Amount in $
Cash                     95,000.00
Accounts receivables                  237,000.00
Inventory                  243,000.00
Current Assets                  575,000.00
Net Fixed Assets (Note)                  425,000.00
Total Assets               1,000,000.00
Liabilities and Equity
Accounts payable                     89,000.00
Notes Payable                  169,000.00
Accruals                     87,000.00
Total Current laibilities                  345,000.00
Long-term Debt                  188,000.00
Common Stock                  255,000.00
Accumulated Retained earnings                  212,000.00
Total Shareholder's Equity                  467,000.00
Total Liabilities and Equity               1,000,000.00

Note 1- Net Fixed Assets = Fixed Assets - Accumulated Depreciation

Net Fixed Assets = $500,000 - $75,000 = $425,000

jeff jeffy answered 1 year ago
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