Re Accounts pay: 29,750 Accounts Reci 44,806 Accured wages: 15,250 Accrued warranty: 23,290 Accumulated Dep.: 25,750...

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Re Accounts pay: 29,750 Accounts Reci 44,806 Accured wages: 15,250 Accrued warranty: 23,290 Accumulated Dep.: 25,750 Add. Pai

business accounting

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Answer 1

Answer #1

Current assets = ( Accounts receivable - Allowance for bad debts) + Cash + Inventory + Prepaid rent

= (44,806-10,205)+7,654+73,250+2,500

= 118,005

Long term assets = Goodwill + ( Machinery - Accumulated depreciation)

= 2,308,000+(152,300-25,750)

= 2,434,550

Total Assets = Current assets + Long term assets

= 118,005+2,434,550

= 2,552,555

Current liabilities = Accounts payable + Accrued wages + Accrued warranty

= 29,750+15,250+23,290

= 68,290

Long term liabilities = Long term debt

= 76,250

Total liabilities = Current liabilities + Long term liabilities

= 68,290+76,250

= 144,540

Stockholders equity = Common stock + Preferred stock + Additional paid in capital + Retained earnings

= 1,250,000+155,000+250,000+753,250

= 2,408,250

Total liabilities + Equity = Total liabilities + Stockholders equity

= 144,540+2,408,250

= 2,552,790

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Answer 2

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