Question

Complete the following Balance Sheet

          ASSETS

          Current Assets

          Cash                                                                                                   $   250,000

          Accounts Receivable

          ($_________ less allowance for Doubtful Accounts)                        $1,320,000

          Inventory                                                                                             $1,410,000

                      Total Current Assets                                                               $_________

          Land                                                                                                    $_________

          Plant & Equipment ($2,800,000 less

                      Accumulated Depreciation ________)                                   $2,110,000

          TOTAL ASSETS                                                                               $5,390,000

LIABILITIES AND STOCKHOLDERS EQUITY

          Current Liabilities

          Accounts Payable                                                                              $   620,000

          Notes Payable to banks                                                                      $   130,000

          Accrued Wages                                                                                 $________     

                      Total Current Liabilities                                                            $ 1,250,000

          Long-Term Debt                                                                                 $_________

          Stockholders Equity                                                                            $ 1,000,000

          Common Stock ($1 par, 750,000 shares,

                      Shares authorized 700,000 outstanding)                                $_________

          Retained Earnings                                                                              $_________

                      Total Stockholders Equity                                                       $ 3,140,000

         

TOTAL LIABILITIES AND EQUITY                                                            $_________

Answer 1

Complete the following Balance Sheet

          ASSETS

          Current Assets

          Cash                                                                                                   $   250,000

          Accounts Receivable

          ($_________ less allowance for Doubtful Accounts)                        $1,320,000

          Inventory                                                                                             $1,410,000

                      Total Current Assets                                                               $2,980,000                 Land                                                                                                       $300,000

          Plant & Equipment ($2,800,000 less

                      Accumulated Depreciation 690,000)                                    $2,110,000

          TOTAL ASSETS                                                                               $5,390,000

LIABILITIES AND STOCKHOLDERS EQUITY

          Current Liabilities

          Accounts Payable                                                                              $   620,000

          Notes Payable to banks                                                                      $   130,000

          Accrued Wages                                                                                 $500,000   

                      Total Current Liabilities                                                            $ 1,250,000

          Long-Term Debt                                                                                 $ 1,000,000

          Stockholders Equity                                                                           

          Common Stock ($1 par, 750,000 shares,

                      Shares authorized 700,000 outstanding)                                $700,000

          Retained Earnings                                                                              $2,440,000

                      Total Stockholders Equity                                                       $ 3,140,000

Note: Land = Total assets - current assets-plant

retained earnings = Total equity - common stock

Accrued wages = current liabilities - current liabilities - account payable