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Homework answers / question archive / The data is extracted from the books of Mystery Mountain Lodge at December 31, 2001: Equipment Rs
The data is extracted from the books of Mystery Mountain Lodge at December 31, 2001:
|
Equipment |
Rs. 29,200 |
Buildings |
Rs. 450,000 |
|
Land |
45,000 |
Owner’s capital at start |
? |
|
Accounts payable |
54,800 |
Cash |
21,400 |
|
Accounts receivable |
10,600 |
Furnishings |
58,700 |
|
Accumulated Depreciation |
10300 |
Sales |
255000 |
|
Salaries payable |
33,500 |
Snowmobiles |
15,400 |
|
Gross Profit |
75000 |
Notes payable |
490000 |
|
Interest payable |
12,000 |
Income |
21000 |
|
Owners capital at end |
411000 |
Purchases |
85000 |
Requirement:
Solution:
Balance Sheet
Assets Liabilities
Current Assets: Interest payable 12,000
Cash 21,400 Salaries Payable 33,500
Accounts receivable 10,600 Accounts Payable 54,800
Snowmobiles 15,400 Notes Payable 490,000
Fixed Assets Capital
Land 45,000 Owner’s capital 40,000
Buildings 450,000
Furnishings 58,700
Equipment 29,200
Total assets 630,300 630,300
