Question

Harlow Company reported the following account balances at December 31, 2019:

Cash                          $25,000
Retained Earnings             $53,000  (at January 1, 2019)
Advertising Expense           $22,000
Cost of Goods Sold            $29,000
Rental Revenue                $13,000
Copyright                     $28,000
Supplies                      $12,000
Accounts Payable              $50,000
Common Stock                  $91,000
Accounts Receivable           $15,000
Notes Payable                 $68,000
Income Tax Expense            $12,000
Inventory                     $59,000
Dividends                     $11,000
Salaries Expense              $14,000
Sales Revenue                 $97,000
Building                      $43,000
Trademark                     $81,000
Mortgage Payable              $35,000
Equipment                     $56,000

The following additional information is available:

1. The note payable was a 3-year loan taken out on March 1, 2017.

2. The mortgage payable was a 15-year loan taken out on May 1, 2010.

Calculate Harlow Company's total intangible assets at December 31, 2019.

Calculate Harlow Company's total assets at December 31, 2019.

Calculate Harlow Company's total current liabilities at December 31, 2019.

Calculate Harlow Company's total stockholder's equity at December 31, 2019.

Answer 1

(i)
Harlow Company's total intangible assets at December 31, 2019 = Copyrights + Trademarks

= 28,000 + 81,000

= $109,000

 (ii)
Harlow Company's total assets at December 31, 2019 = Cash + Copyrights + supplies + Accounts receivable + Inventory + Building + Trademark + Equipment 

= 25,000 + 28,000 + 12,000 + 15,000 + 59,000 + 43,000 + 81,000 + 56,000

= $319,000

(iii)
Harlow Company's total current liabilities at December 31, 2019 = Accounts payable = $50,000

(iv)
Income statement

Sales revenue	97,000
Rental revenue	13,000
Total revenues	110,000
Cost of goods sold	- 29,000
Advertising expense	- 22,000
Salaries expense	- 14,000
Income tax expense	- 12,000
Net income	$33,000

Retained earnings statement

Retained earnings, beginning	53,000
Net income	33,000
Dividends	- 11,000
Retained earnings, ending	$75,000

Harlow Company's total stockholder's equity at December 31, 2019 = Common stock + Retained earnings at December 31, 2019

= 91,000 + 75,000

= $166,000