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Introduction to Financial Statements - Practice Problem 2 - Balance Sheet The following items were taken from the accounting records of a company Accounts Payable 57
Introduction to Financial Statements - Practice Problem 2 - Balance Sheet The following items were taken from the accounting records of a company Accounts Payable 57.000 Long-term investments Accounts Receivable 32,000 Trademarks Building 255.000 Accrued Expenses Cash 15,000 Short-term Notes Payable Equipment 76,000 Common Stock Retained Earnings ?? Interest Income Prepaid Expenses 12.000 Inventory Sales 123,000 Dividends paid Salary Expense 22.000 Cost of Goods Sold 35,000 6,000 9.000 35,000 1,000 2,000 82,000 25,000 62.000 Prepare a balance sheet
Expert Solution
| Balance Sheet | ||
| Equity & Liabilities | ||
| Equity: | ||
| Common Stock | $ 1,000.00 | |
| Retained Earnings | $ 4,13,000.00 | |
| Add: Current year profits | $ 41,000.00 | |
| Less: Dividend Paid | $ 25,000.00 | $ 4,29,000.00 |
| Liabilities | ||
| Current Liabilities | ||
| Accounts Payable | $ 57,000.00 | |
| Short Term Notes Payable | $ 35,000.00 | $ 92,000.00 |
| Total | $ 5,22,000.00 | |
| Assets | ||
| Fixed Assets | ||
| Building | $ 2,55,000.00 | |
| Equipment | $ 76,000.00 | |
| Long-term Investments | $ 35,000.00 | |
| Trademarks | $ 6,000.00 | |
| Current Assets | ||
| Accounts Receivable | $ 32,000.00 | |
| Cash | $ 15,000.00 | |
| Prepaid Expenses | $ 12,000.00 | |
| Accrued Expenses | $ 9,000.00 | |
| Inventory | $ 82,000.00 | $ 1,50,000.00 |
| Total | $ 5,22,000.00 | |
| Current Year Profit | ||
| Sales | $ 1,23,000.00 | |
| Salary | $ -22,000.00 | |
| Interest | $ 2,000.00 | |
| Cost of Goods sold | $ -62,000.00 | |
| $ 41,000.00 |
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