Question
In: Accounting
BACKGROUND We are providing you with the balance sheet of a Spanish company at the end...
BACKGROUND
We are providing you with the balance sheet of a Spanish company at the end of the year. The company carried out its accounting according to the PGC 2007. You have to analyse each of the items and specify which group of the Chart of Accounts they belong to and the specific coding that corresponds to it according to the Chart of Accounts of the General Accounting Plan to each entry.
Once all the accounts have been coded, create the closing entry for the company.
|
ASSETS |
LIABILITIES |
||||||
|
Non-current assets |
Net equity |
||||||
|
Intangible fixed assets: |
Equity capital: |
||||||
|
Industrial Propriety |
40.500 |
€ |
Capital Social |
3.000.000 |
€ |
||
|
Cumulative depreciation II |
-5.000 |
€ |
Legal reserve |
348.180 |
€ |
||
|
Tangible fixed assets: |
Profit and Loss |
158.810 |
€ |
||||
|
Constructions |
3.900.000 |
€ |
|||||
|
ICT Equipment. |
9.000 |
€ |
Non-current liability |
||||
|
Furniture |
70.000 |
€ |
Long-term debts |
||||
|
Transport |
35.000 |
€ |
Long-term debt to institutions. |
710.000 |
€ |
||
|
Cumulative depreciation IM |
-122.000 |
€ |
|||||
|
Current liability |
|||||||
|
Current Asset |
Short-term debts |
||||||
|
Stock: |
Short-term debts to institutions. |
38.000 |
€ |
||||
|
Goods |
62.000 |
€ |
Suppliers |
200.000 |
€ |
||
|
Impairment loses |
-1.150 |
€ |
Creditors |
3.560 |
€ |
||
|
Debtors: |
|||||||
|
Clients |
236.200 |
€ |
|||||
|
Short-Term investments |
|||||||
|
Short-term investments (shares) |
9.000 |
€ |
|||||
|
Liquidity: |
|||||||
|
Banks |
225.000 |
€ |
|||||
|
TOTAL ASSETS |
4.458.550 |
€ |
TOTAL LIABILITIES |
4.458.550 |
€ |
||
Solutions
Expert Solution
The entry will be
| Date | Accounts and Explanation | Debit | Credit |
| 31-Dec | Industrial Property A/c Dr | 40,500 | |
| Constructions A/c Dr | 3,900,000 | ||
| ICT Equipment A/c Dr | 9,000 | ||
| Furniture A/c Dr | 70,000 | ||
| Transport Cumulative A/c Dr | 35,000 | ||
| Goods A/c Dr | 62,000 | ||
| Clients A/c Dr | 236,200 | ||
| Short Term Investment Shares A/c Dr | 9,000 | ||
| Banks A/c Dr | 225,000 | ||
| Capital Social A/c | 3,000,000 | ||
| Legal Reserve A/c | 348,180 | ||
| Profit and Loss A/c | 158,810 | ||
| Long Term Debt to institutions A/c | 710,000 | ||
| Short Term Debt to institions A/c | 38,000 | ||
| Suppliers A/c | 200,000 | ||
| Creditors A/c | 3,560 | ||
| Cumulative Depreciation A/c | 5,000 | ||
| Cumulative Depreciation IM A/c | 122,000 | ||
| Impairement Loss A/c | 1,150 |
Both sides Net Balance is 4586700
ekkarill92 answered 2 years agoRelated Solutions
We provide you with the balance sheet of a Spanish company at the end of the...
We provide you with the balance sheet
of a Spanish company at the end of the year. The company carried
out its accounting according to the PGC 2007. You have to analyse
each of the items and specify which group of the Chart of Accounts
they belong to and the specific coding that corresponds to it
according to the Chart of Accounts of the General Accounting Plan
to each entry.
Once all the accounts have been coded,
create the closing...
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Vertical Analysis of Balance Sheet
Balance sheet data for Alvarez Company on December 31, the end
of two recent fiscal years, follows:
Current Year Previous Year
Current assets $254,100 $139,700
Property, plant, and equipment 499,730 450,850
Intangible assets 93,170 44,450
Current liabilities 177,870 107,950
Long-term liabilities 330,330 266,700
Common stock 67,760 63,500
Retained earnings 271,040 196,850
Prepare a comparative balance sheet for both years, stating each
asset as a percent of total assets and each liability and
stockholders' equity item...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet
Balance sheet data for Alvarez Company on December 31, the end
of two recent fiscal years, follows:
Current Year
Previous Year
Current assets
$302,470
$187,680
Property, plant, and equipment
594,510
508,300
Intangible assets
146,020
86,020
Current liabilities
239,890
140,760
Long-term liabilities
406,770
320,620
Common stock
93,870
86,020
Retained earnings
302,470
234,600
Prepare a comparative balance sheet for both years, stating each
asset as a percent of total assets and each liability and
stockholders' equity item...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet
Balance sheet data for Alvarez Company on December 31, the end
of two recent fiscal years, follows:
Current Year
Previous Year
Current assets
$339,140
$197,040
Property, plant, and equipment
623,580
558,280
Intangible assets
131,280
65,680
Current liabilities
251,620
147,780
Long-term liabilities
404,780
295,560
Common stock
98,460
106,730
Retained earnings
339,140
270,930
Prepare a comparative balance sheet for both years, stating each
asset as a percent of total assets and each liability and
stockholders' equity item...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet
Balance sheet data for Alvarez Company on December 31, the end
of two recent fiscal years, follows:
Current Year
Previous Year
Current assets
$249,300
$149,520
Property, plant, and equipment
465,360
404,950
Intangible assets
116,340
68,530
Current liabilities
149,580
87,220
Long-term liabilities
349,020
274,120
Common stock
99,720
99,680
Retained earnings
232,680
161,980
Prepare a comparative balance sheet for both years, stating each
asset as a percent of total assets and each liability and
stockholders' equity item...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet Balance sheet data for
Alvarez Company on December 31, the end of two recent fiscal years,
follows: Current Year Previous Year Current assets $304,500
$182,840 Property, plant, and equipment 461,100 437,510 Intangible
assets 104,400 32,650 Current liabilities 174,000 84,890 Long-term
liabilities 330,600 261,200 Common stock 87,000 91,420 Retained
earnings 278,400 215,490 Prepare a comparative balance sheet for
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Balance sheet data for Hanes Company on December 31, the end of
the fiscal year, are shown below.
20Y2
20Y1
Current assets
288,900
158,840
Property, plant, and equipment
558,540
512,620
Intangible assets
115,560
50,540
Current liabilities
173,340
79,420
Long-term liabilities
394,830
332,120
Common stock
96,300
93,860
Retained earnings
298,530
216,600
Prepare a comparative balance sheet for 20Y2 and 20Y1, stating
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Bohemian Manufacturing Company has the following end-of-year balance sheet: Bohemian Manufacturing Company Balance Sheet For the...
Bohemian Manufacturing Company has the following end-of-year
balance sheet:
Bohemian Manufacturing Company
Balance Sheet
For the Year Ended on December 31
Assets
Liabilities
Current Assets:
Current Liabilities:
Cash and equivalents
$150,000
Accounts payable
$250,000
Accounts receivable
400,000
Accrued liabilities
150,000
Inventories
350,000
Notes payable
100,000
Total Current Assets
$900,000
Total Current Liabilities
$500,000
Net Fixed Assets:
Long-Term Bonds
1,000,000
Net plant and equipment(cost minus depreciation)
$2,100,000
Total Debt
$1,500,000
Common Equity
Common stock
800,000
Retained earnings
700,000
Total Common Equity...
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Year-End Balance Sheet and Statement of Cash Flows–Indirect
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The balance sheet of Poodle Company at the end of 2016 is
presented here, along with certain other information for
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December 31, 2016
Cash
$155,000
Accounts receivable
140,000
Total current assets
$295,000
Land
$100,000
Plant and equipment
700,000
Accumulated depreciation
(175,000)
Investments
125,000
Total long-term assets
$750,000
Total assets
$1,045,000
Current liabilities
$325,000
Bonds payable
$100,000
Common stock
$500,000
Retained earnings
120,000
Total stockholders’ equity
$620,000
Total liabilities and
stockholders’...
Year-End Balance Sheet and Statement of Cash Flows–Indirect Method The balance sheet of Poodle Company at...
Year-End Balance Sheet and Statement of Cash Flows–Indirect
Method
The balance sheet of Poodle Company at the end of 2016 is
presented here, along with certain other information for
2017:
December 31, 2016
Cash
$155,000
Accounts receivable
140,000
Total current assets
$295,000
Land
$100,000
Plant and equipment
700,000
Accumulated depreciation
(175,000)
Investments
125,000
Total long-term assets
$750,000
Total assets
$1,045,000
Current liabilities
$325,000
Bonds payable
$100,000
Common stock
$500,000
Retained earnings
120,000
Total stockholders’ equity
$620,000
Total liabilities and
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