Homework Answers
Answer:
1) Cash = $10,000
2) Total Liabilities and stockholders' Equity = $100,000
3) Long term Debts = $45,000
Explanation:
1) Total assets = Cash + Accounts receivable + Plant and equipment
$100,000 = Cash + $15,000 + $75,000
$100,000 = Cash + $90,000
Cash = $100,000 - 90,000
Cash = $10,000
2) Total assets = Total Liabilities and stockholders Equity
Total assets = $100,000
Therefore Total Liabilities and stoock holders Equity = $100,000
3) Total Liabilities and stock holders Equity = Accounts payable + Long term debt + Stockholders' equity
$100,000 = $10,000 + Long term debt + $45,000
$100,000 = $55,000 + Long term Debt
Long term debt = $100,000 - $55,000
Long term Debt = $45,000
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THE ANSWER IS NOT COMPLETE I DONT KNOW WHY (I DARE TO KNOW THE
REASON ;)
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The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next 9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated depreciation—buildings
$
100,000
Equipment
110,000
Accumulated depreciation—equipment
60,000
Patents (net of amortization)
10,000
Accounts payable
75,000
Notes...
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THE ANSWER IS NOT COMPLETE I DONT KNOW WHY (I DARE TO KNOW THE
REASON ;)
Problem 3-3 Balance sheet preparation [LO3-2, 3-3]
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next 9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated depreciation—buildings
$
100,000
Equipment
110,000
Accumulated depreciation—equipment
60,000
Patents (net of amortization)
10,000
Accounts payable
75,000
Notes...
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