Homework Answers
| Answer | |
|
PURFECT PETS INC |
|
| BALANCE SHEET | |
| JUNE 30, YEAR 3 | |
| Assets | |
| Cash | $ 734,100.00 |
| Accounts Receivable | $ 420,700.00 |
| Inventories | $ 58,550.00 |
| Property, Plant and Equipment | $ 120,000.00 |
| Other Assets | $ 69,550.00 |
| Total Assets | $1,402,900.00 |
| Liabilities | |
| Accounts Payable | $ 350,700.00 |
| Notes Payable | $ 269,200.00 |
| Total Liabilities | $ 619,900.00 |
| Stockholders Equity | |
| Contributed Capital | $ 663,600.00 |
| Retained Earnings | $ 119,400.00 |
| Total Stockholders Equity | $ 783,000.00 |
| Total Liabilities and Stockholders Equity | $1,402,900.00 |
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preparing and analyzing the balance sheet for December 31, 2018,
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Customer sales on account $400,000.
Received payments from customers in cash $380,000.
Purchased merchandise on credit $220,000.
Paid cash to vendors $230,000.
Costs related to merchandise sold $170,000.
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