Question

Balance It! Match the following words/numbers with the numbered blanks in the balance sheet on the next page. The first two have been done for you. (Ignore upper and lower-case spellings and whether numbers are shown as currency or not.) Equity Receivable _2_Accounts Common Accumulated Fixed Payable Less Total Intangible Current Notes Long-term Assets Doubtful 142,000 18,000 25,000 62,000 32,000

Answer 1

Balance Sheet December 31, 20XX Assets Current Assets Cash Accounts receivable Less: allowance for doutful accounts Notes receivable Inventory Prepaid expenses Total current assets Fixed Assets Plant and equipment Less: Accumulated depreciation Furniture and store equipment Less: Accumulated depreciation Total fixed assets Intngible Assets Patents 62,000 31,000 1,600 $ 29 д0 $ 39,000 $ 51,050 2,500 $ 183,950 110,000 87,000 23,000 55,000 37,000 18,000 124,000 7,000 Goodwill Total intangible assets Total assets $ 18,000 25,000 $ 332,950


Liabilities Current Liabilit ies Accounts payable Notes payable Salaries payable Taxes payable Total current lia bilities Long-term Liabilities Mortgage Totallong-term liabilities Total Liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total Liabilities and Stockholders' Equity 39,295 29 455 6,600 $ 5,500 80,850 110,100 $ 110,100 $ 190,950 110,000 32,000 $ 142,000 332,950