In: Finance
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
Sophie’s Sofas | |||
Balance Sheet | |||
Liabilities | Amount ($) | Assets | Amount ($) |
Stockholder's Equity | Fixed Assets | ||
Owners Equity (B/f) | 2,00,000 | Stores and Property | 1,50,000 |
Liabilities | Current Assets | ||
Accounts Payable | 22,000 | Cash | 15,000 |
Long-term Debt | 2,20,000 | Inventory | 2,50,000 |
Accounts Receivables | 27,000 | ||
TOTAL | 4,42,000 | TOTAL | 4,42,000 |