Hi, please can you help me to create this Balance Sheet. I started but I don't think it is correct, so I would like it if you can do it and explain it, so I can see my mistakes and learn from it. Thank you in advance!!
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Kanas Instruments |
First we have to prepare Income statement and Statement of Retained Earnings. Then we will prepare Balance Sheet. |
Income statement | Amount $ |
Sales Revenue | 800,000.00 |
Less: Cost of goods | 450,000.00 |
Gross profit | 350,000.00 |
Less: Rent expense | 28,000.00 |
Net profit | 322,000.00 |
Statement of Retained Earnings | |
Opening Balance | 199,000.00 |
Add: Net Profit | 322,000.00 |
Less: Dividends | - |
Closing Balance | 521,000.00 |
Balance Sheet | |||
As at 31st December, 2021 | |||
Assets | Amount $ | Amount $ | Note |
Current Assets | |||
Cash and cash equivalents | 20,000.00 | ||
Accounts Receivable | 130,000.00 | ||
Allowance for uncollectible accounts | (13,000.00) | 117,000.00 | |
Note Receivable | 100,000.00 | ||
Interest Receivable | 3,000.00 | ||
Prepaid rent- Current portion | 30,000.00 | See note A | |
Inventories | |||
Raw materials | 24,000.00 | ||
Work in Process | 42,000.00 | ||
Finished goods | 89,000.00 | 155,000.00 | |
Current Assets | 425,000.00 | ||
Investments | |||
Marketable Securities | 32,000.00 | ||
Investments | 32,000.00 | ||
Plant, Property & Equipment | |||
Land | 50,000.00 | ||
Building | 1,300,000.00 | ||
Accumulated depreciation | (620,000.00) | 680,000.00 | |
Equipment | 300,000.00 | ||
Accumulated depreciation | (130,000.00) | 170,000.00 | |
Plant, Property & Equipment | 900,000.00 | ||
Intangible Assets | |||
Patent (net) | 120,000.00 | ||
Intangible Assets | 120,000.00 | ||
Other Assets | |||
Restricted cash balance | 80,000.00 | ||
Prepaid rent- Non Current portion | 30,000.00 | See note A | |
Other Assets | 110,000.00 | ||
Total Assets | 1,587,000.00 | ||
Liabilities | |||
Current Liabilities | |||
Accounts Payables | 180,000.00 | ||
Interest Payable | 5,000.00 | ||
Current portion of Deferred Revenue | 18,000.00 | See note B | |
Current Liabilities | 203,000.00 | ||
Long Term Liabilities | |||
Non Current portion of Deferred Revenue | 18,000.00 | See note B | |
Notes Payable | 400,000.00 | ||
Long Term Liabilities | 418,000.00 | ||
Total Liabilities | 621,000.00 | ||
Shareholder's Equity | |||
Common Stock | 445,000.00 | ||
Retained Earnings | 521,000.00 | ||
Total Shareholder's Equity | 966,000.00 | ||
Total Liabilities & Shareholder's Equity | 1,587,000.00 |
Note/Workings | ||
Note A | Amount $ | |
Prepaid rent | 60,000.00 | C |
Current portion | 30,000.00 | D=C/2 |
Non Current portion | 30,000.00 | E=C-D |
Note B | Amount $ | |
Deferred Revenue | 36,000.00 | F |
Current portion | 18,000.00 | G=F/2 |
Non Current portion | 18,000.00 | H=F-G |
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