Question
In: Finance
Construct a balance sheet for Sophie’s Sofas given the following data. (Be sure to list the...
| Construct a balance sheet for Sophie’s Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.) |
| Cash balances | = | $ | 7,000 |
| Inventory of sofas | = | $ | 170,000 |
| Store and property | = | $ | 70,000 |
| Accounts receivable | = | $ | 19,000 |
| Accounts payable | = | $ | 14,000 |
| Long-term debt | = | $ | 140,000 |
| BALANCE SHEET OF SOPHIE’S SOFAS | |||
| Assets | Liabilities & Shareholders’ Equity | ||
| (Click to select)Accounts receivableStore and propertyInventoryShareholders’ equityLong-term debtAccounts payableCash | $ | (Click to select)Accounts payableShareholders’ equityLong-term debtInventoryAccounts receivableStore and propertyCash | $ |
| (Click to select)Shareholders’ equityLong-term debtAccounts receivableStore and propertyCashAccounts payableInventory | (Click to select)CashShareholders’ equityAccounts receivableLong-term debtAccounts payableStore and propertyInventory | ||
| (Click to select)InventoryStore and propertyAccounts receivableAccounts payableShareholders’ equityCashLong-term debt | (Click to select)Store and propertyCashAccounts payableAccounts receivableInventoryShareholders’ equityLong-term debt | ||
| (Click to select)Shareholders’ equityAccounts receivableInventoryAccounts payableCashLong-term debtStore and property | |||
| Total assets | $ | Total liabilities & shareholders' equity | $ |
Solutions
jeff jeffy answered 6 months agoRelated Solutions
Construct a balance sheet for Sophie’s Sofas given the following data: Cash balances = $ 15,000...
Construct a balance sheet for Sophie’s Sofas given the following
data:
Cash balances = $ 15,000
Inventory of sofas = $ 250,000
Store and property = $ 150,000
Accounts receivable = $ 27,000
Accounts payable = $ 22,000
Long-term debt = $ 220,000
Given the following information please construct a balance sheet and an income statement for the company....
Given the following information please construct a balance sheet
and an income statement for the company. It provides software via a
cloud subscription. There is no inventory.
All information in $000
Total
Revenues
5,374
Cash
908
Common
Stock
651
Cost of Revenues
Subscription
925
Interest Expense
16
Additional Paid in
Capital
3,954
Retained
Earnings
(630)
Cost of Revenues Professional Services
365
Gross Margin
4,084
Short term
securities
87
Long term
debt
2,328
Accounts
Receivable ...
Given the following information please construct a balance sheet and an income statement for the company....
Given the following information please construct a balance sheet
and an income statement for the company. It provides software via a
cloud subscription. There is no inventory.
All information in $000
Total
Revenues
5,374
Cash
908
Common
Stock
651
Cost of Revenues
Subscription
925
Interest Expense
16
Additional Paid in
Capital
3,954
Retained
Earnings
(630)
Cost of Revenues Professional Services
365
Gross Margin
4,084
Short term
securities
87
Long term
debt
2,328
Accounts
Receivable ...
Given the following information about Oak & Elm Manufacturing Ltd, construct a balance sheet for the...
Given the following information about Oak & Elm
Manufacturing Ltd, construct a balance sheet for the period ending
30 June 2018. As at 30 June 2018 the company had cash of $35,000,
accounts receivable of $45,000, inventory of $150,000, property,
plant and equipment of $350,000 and other assets of $15,000. It had
accounts payable of $70,000, notes payable of $36,000, long-term
debt of $225,000 and retained earnings of $149,000. What is the
book value (original issue value) of the ordinary...
Construct the current assets section of the balance sheet from the following data. (Use cash as...
Construct the current assets section of the balance sheet from
the following data. (Use cash as a plug figure after computing the
other values.) (Use a 360-day year. Do not round intermediate
calculations.) Yearly sales (credit) $ 371,000 Inventory turnover 7
times Current liabilities $ 62,000 Current ratio 2 Average
collection period 36 days
Current assets:
cash:
Account receivable:
inventory:
total current assets:
construct an income statement and balance sheet for the first month of operation, given the...
construct an income statement and balance sheet for
the first month of operation, given the
following information:
Sales
$104,000.00
Collections
$77,000.00
Purchases (paid for half)
$60,000.00
Ending inventory
$57,000.00
Equipment Depreciation
$18,000.00
Vehicle Depreciation
$2,000.00
Heat (due next month)
$450.00
Electricity
$325.00
Telephone
$230.00
Advertising
$1,200.00
Salaries
$15,500.00
Payroll Tax Expense
$1,700.00
Office Supplies
$200.00
Insurance (due next month)
$1,250.00
Loan payment
$3,500.00
principal
$1,500.00
interest
$2,000.00
Legal fees (due next month)
$500.00
Accounting
$250.00
Vehicle...
Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30,...
Given the following information about Elkridge Sporting Goods,
Inc., construct a balance sheet for June 30, 2013. On that date the
firm had cash and marketable securities of $25,135, accounts
receivable of $43,758, inventory of $165,200, net fixed assets of
$329,800, and other assets of $13,125. It had accounts payables of
$67,855, notes payables of $36,454, long-term debt of $223,200, and
common stock of $150,000. How much retained earnings did the firm
have? Retained earnings $
Given the following information about Cullumber Sporting Goods, Inc., construct a balance sheet for June 30,...
Given the following information about Cullumber Sporting Goods,
Inc., construct a balance sheet for June 30, 2017. On that date the
firm had cash and marketable securities of $25,135, accounts
receivables of $43,758, inventory of $167,000, net fixed assets of
$329,700, and other assets of $13,125. It had accounts payables of
$67,855, notes payables of $36,454, long-term debt of $223,100, and
common stock of $150,000. How much retained
earnings did the firm have?
Please don't answer Using the following financial data construct a balance sheet and income statment. Expenses...
Please don't answer
Using the following financial data construct a balance sheet and
income statment.
Expenses and Income are Monthly
Stocks Account
12,000
Salary 1
5,500
Automobile 1
30,000
Utilities
350
Automobile 1 Loan Balance
-18,000
Credit Card Balance
-9,000
Groceries
400
Contributions to Savings
300
Mortgage (P&I) Only
1,150
CD (14 month maturity)
3,000
Automobile 1 Payment
300
Savings Account
11,000
Mortgage Balance
-230,000
House Property Taxes
450
Salary 2
2,500
House
310,000
401(k) Employer Match
250
401(K) Savings...
Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30, 2013.
Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30, 2013. On that date the firm had cash and marketable securities of $25,135, accounts receivable of $43,758, inventory of $166,000, net fixed assets of $325,600, and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $224,500, and common stock of $150,000. How much retained earnings did the firm have?Retained earnings
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