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General Ledger for XYZ Company The following is a portion of the general ledger for XYZ...

General Ledger for XYZ Company
The following is a portion of the general ledger for XYZ Company as of December 31, 20X1, and the statement of stockholders��� equity for XYZ Company for the year ended December 31, 20X1. Use this information to answer questions (1) through (5).

XYZ Company

Statement of Stockholders' Equity (partial)

For the year ended December 31, 20X1

Common Stock

Retained Earnings

Balance at January 1, 20X1

$50,000

$63,000

Issuance of common stock

32,000

+ Net income for the year ended 12/31/X1

14,000

- Dividends paid

(4,900)

Balance at December 31, 20X1

$_______

$_______

XYZ Company

General Ledger (partial)

As of December 31, 201X

Amount

Assets

Cash

$ 53,000

Accounts receivable

15,000

Supplies

8,800

Prepaid rent

36,000

Equipment (net)

115,600

Liabilities

Accounts payable

$11,300

Salaries payable

2,500

Interest payable

1,900

Utilities payable

6,900

Bonds payable

51,700

1. What is the total amount of current assets to be reported on XYZ Company���s 12/31/X1 classified balance sheet?

$68,000

$112,800

$228,400

$76,800

2. What is the total amount of long-term assets to be reported on XYZ Company���s 12/31/X1 classified balance sheet?

$151,600

$160,400

$0

$115,600

3. What is the total amount of current liabilities to be reported on XYZ Company���s 12/31/X1 classified balance sheet?

$22,600

$74,300

$20,700

$18,200

4. What is the ending balance in retained earnings to be reported on XYZ Company���s 12/31/X1 classified balance sheet?

$63,000

$77,000

$72,100

$154,100

5. What is the total amount of stockholders��� equity to be reported on XYZ Company���s 12/31/X1 classified balance sheet?

$154,100

$113,000

$72,100

$82,000

Solutions

Expert Solution

XYZ Company
1) Current Assets
Cash $     53,000.00
Accounts Receivable $     15,000.00
Supplies $       8,800.00
Prepaid Rent $     36,000.00
Total $ 1,12,800.00
2) Long Term Assets
Equipment(Net) $ 1,15,600.00
3) Current Liabilities
Accounts Payable $     11,300.00
Salary Payable $       2,500.00
Interest Payable $       1,900.00
Utilities Payable $       6,900.00
Total $     22,600.00
4) Retained Earnings
Beginning Balance $     63,000.00
Add: Net Income $     14,000.00
Less: Dividend $     -4,900.00
Ending Balance of Retained Earnings $     72,100.00
5) Stockholder's Equity
Beginning Balance $     50,000.00
Add: Issuance of common stock $     32,000.00
Add: Retained Earning $     72,100.00
Total amount of stockholder's equity $ 1,54,100.00

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