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In: Finance
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
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Expert Solution
| 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 |
jeff jeffy answered 11 months agoRelated Solutions
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’...
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:
eBook Problem 9-02 Given the following information, construct the firm’s balance sheet: Cash and cash equivalents...
eBook
Problem 9-02
Given the following information, construct the firm’s balance
sheet:
Cash and cash equivalents
$
490,000
Accumulated depreciation on plant and equipment
1,040,000
Plant and equipment
4,200,000
Accrued wages
340,000
Long-term debt
4,620,000
Inventory
6,930,000
Accounts receivable
4,620,000
Preferred stock
540,000
Retained earnings
7,602,000
Land
1,380,000
Accounts payable
1,560,000
Taxes due
200,000
Common stock
$
14 par
Common shares outstanding
102,000
Current portion of long-term debt
$
290,000
Round your answers to the nearest dollar.
Corporation X
Balance...
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 ...
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000;...
The company's adjusted trial balance as follows includes the
following accounts balances: Cash, $15,000; Equipment, $85,000;
Accumulated Depreciation, $25,000; Accounts Payable, $10,000;
Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned,
$56,000; Depreciation Expense, $25,000; and Salaries Expense,
$23,000. All accounts have normal balances. Prepare closing entry
#4 by selecting the account names and dollar amounts from the
drop-down menus.
From the following balance sheet and additional information given, prepare cash flow statement. Balance Sheet as...
From the following balance sheet and additional
information given, prepare cash flow statement.
Balance Sheet as on March 31, 2005 and 2006
Particulars
2005 Rs.
2006 Rs.
Particulars
2005 Rs.
2006 Rs.
Share Capital
9,00,000
9,00,000
Fixed Assets
8,00,000
6,40,000
General Reserve
6,00,000
6,20,000
Investments
1,00,000
1,20,000
Profit & loss a/c
1,12,000
1,36,000
Stock
4,80,000
4,20,000
Creditors
3,36,000
2,68,000
Debtors
4,20,000
9,10,000
Provision for tax
1,50,000
20,000
Bank
2,98,000
3,94,000
Mortgage loan
-
5,40,000
20,98,000
24,84,000
20,98,000
24,84,000
Additional Information:...
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 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...
Complete the following balance sheet using the information given. Round account balances to the nearest dollar....
Complete the following balance sheet using the information
given. Round account balances to the nearest dollar.
Balance Sheet
Income Statement
Cash
Sales (All Credit)
$40,000
Accounts receivable
Cost of goods sold
20,000
Inventory
Operating expenses
12,000
Net fixed assets
Interest expense
200
Total assets
Taxes
2 730
Net income
$5,070
Accounts payable
Short-term notes payable
$1,425
Ratios:
Long-term debt
Profit Margin =
12.675%
Common stock
$5,000
Return on Equity =
15%
Retained earnings
Quick Ratio =
1.2
Total Liabilities and...
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