Homework Answers
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
Kindly comment if you need further assistance. Thanks‼!
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Allowance for Doubtful
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Paid-in Capital in Excess of
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