Homework Answers
| Balance Sheet | ||
| Assets | ||
| Current Assets | ||
| Cash | 1300 | |
| Money Market account | 1960 | |
| Certificate of Deposit | 3500 | |
| Accounts receivable from brother | 330 | |
| Total current assets | 7090 | |
| Property and equipment | ||
| Automobile | 7100 | |
| Home computer | 890 | |
| Video and stereo equipment | 1320 | |
| 9310 | ||
| Total assets | 16400 | |
| Liabilities and Owner's Equity | ||
| Current liabilities | ||
| Current portion of automobile loan | 1450 | |
| Current portion of credit card payable | 130 | |
| Total current liabilities | 1580 | |
| Long-term liabilities | ||
| Automobile loan | 3500 | |
| Student loan | 4500 | |
| Credit card payable | 1570 | |
| Total long-term liabilities | 9570 | |
| Total liabilities | 11150 | |
| Equity | ||
| M. Y. Own, Capital | 5250 | |
| Total liabilities and equity | 16400 | |
Note: For the property and equipment, select appropriate heading from the drop-downs since the same have not been provided with the question.
Add Answer to:
Companies prepare balance sheets in order to know their financial position at a specific point in...
Prepare a personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account, use M. Y. Own, Capital. (List Current Assets in order of liquidity.)
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time and gives them a basis for planning for the future. In order to evaluate your financial position, you can prepare a personal balance sheet. Assume that you have compiled the following information regarding your finances. (Hint: Some of the items might not be used in your personal balance sheet.)Amount owed on...
Net Worth and Budgeting Use the following items to prepare a balance sheet and a cash...
Net Worth and Budgeting Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabil total cash inflows, and total cash outflows. Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work Home computer Clothing purchase 1,330 Monthly take-home salary $3,988 2,748 2,778 119 187 3,588 146 818 Savings account balance 1,300 Balance of educational loan...
I am looking to verify my answers by placing the proper items in the balance sheet...
I am looking to verify my answers by placing the proper items in the balance sheet Assets & Liabilities Joint Money Market Account $ 5,500 Boat $ 25,000 Credit Card B (For Clothes) $ 4,000 Mortgage Balance $ 80,000 Cash on Hand $ 1,500 House $ 120,000 Personal Property $ 15,000 Credit Card D (For Misc. Items) $ 4,500 Jane's - Car Loan Balance $ 10,000 Joint Savings Account $ 400 Jane's Car $ 22,000 Credit Card A (For Groceries/Restaurants)...
Use the following items to prepare a balance sheet and a cash flow statement. Determine the...
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. $4,070 2.420 2,340 104 Balance Sheet and Cash Flows Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work Home computer Clothing purchase $1,520 Monthly take-home salary 920 Savings account balance 1,260 Balance of educational loan...
Use the following items to prepare a balance sheet and a cash flow statement. Determine the...
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flows Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work $1,520 Monkhly take-home salary $4,070 2,420 2,340 104 920 Savings account balance 1,260 Balance of educational loan 7,820 Telephone bill paid...
Creating Balance Sheets and Income Statements Using the information in the below table, prepare a classified...
Creating Balance Sheets and Income
Statements
Using the information in the below table, prepare a classified
balance sheet for Arrow Company as of December 31, 2014 and
December 31, 2015, along with multi-step income statements for the
years then ended.
Account
December 31, 2014
December 31, 2015
Property, plant, and equipment (net)
$650
$735
Long-term debt
490
690
Depreciation expense
50
60
Retained earnings
130
295
Sales revenue
1,000
1,500
Income taxes
50
70
Current portion of long-term debt
50...
A balance sheet shows exactly where a business stands at any given point in time. It...
A balance sheet shows exactly where a business stands at any given point in time. It has two parts, assets and liabilities. Total assets are equal to the total liabilities plus net worth. Net worth is simply the difference between total assets and total liabilities or between what is owned and what is owed. The balance sheet should have the current assets and fixed assets as divisions under the assets portion of the statement. There should be current liabilities, fixed...
Nike, Inc. Comparative Balance Sheets May 31 ($ in millions) 2020 2019 $10.248 1,890 1,395 $13,533...
Nike, Inc. Comparative Balance Sheets May 31 ($ in millions) 2020 2019 $10.248 1,890 1,395 $13,533 $ 8,400 1,800 1,500 $11,700 Assets Current assets Property, plant, and equipment (net) Other assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Stockholders' Equity Total liabilities and stockholders' equity $ 3,465 1,261 8.807 $13,533 $3,500 1,300 6.900 $11,700 Prepare a horizontal analysis of the balance sheet data for Nike, using 2019 as a base. (Show the amount of increase or decrease...
Suppose the comparative balance sheets of Nike, Inc. are presented here. Nike, Inc. Comparative Balance Sheets...
Suppose the comparative balance sheets of Nike, Inc. are presented here. Nike, Inc. Comparative Balance Sheets May 31 ($ in millions) 2020 2019 Assets $10,500 $8,400 Current assets Property, plant, and equipment (net) 2,006 1,700 Other assets 1,900 1,406 $13,912 $12,000 Total assets Liabilities and Stockholders' Equity $3,069 $3,100 Current liabilities Long-term liabilities 1,248 1,300 Stockholders' equity 9,595 7,600 $13,912 $12,000 Total liabilities and stockholders' equity Prepare a horizontal analysis of the balance sheet data for Nike, using 2019 as...
Suppose the comparative balance sheets of Sage Hill Inc. are presented here SAGE HILL INC. Condensed...
Suppose the comparative balance sheets of Sage Hill Inc. are presented here SAGE HILL INC. Condensed Balance Sheet May 31 ($ in millions) 2017 2016 Assets Current Assets Property, plant, and equipment (net) Other assets Total assets $9.600 2,050 1.540 $8,700 1,840 1.740 $13.190 $12,280 Liabilities and Stockholders' Equity Current Liabilities Long-term liabilities $3.220 $3.340 1,300 1330 8,670 7.610 $13,190 $12,280 Stockholders' equity Total liabilities and stockholders' equity (a) Prepare a horizontal analysis of the balance sheet data for Sage...
Net Worth and Budgeting Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabil total cash inflows, and total cash outflows. Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work Home computer Clothing purchase 1,330 Monthly take-home salary $3,988 2,748 2,778 119 187 3,588 146 818 Savings account balance 1,300 Balance of educational loan...
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. $4,070 2.420 2,340 104 Balance Sheet and Cash Flows Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work Home computer Clothing purchase $1,520 Monthly take-home salary 920 Savings account balance 1,260 Balance of educational loan...
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flows Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work $1,520 Monkhly take-home salary $4,070 2,420 2,340 104 920 Savings account balance 1,260 Balance of educational loan 7,820 Telephone bill paid...
Creating Balance Sheets and Income
Statements
Using the information in the below table, prepare a classified
balance sheet for Arrow Company as of December 31, 2014 and
December 31, 2015, along with multi-step income statements for the
years then ended.
Account
December 31, 2014
December 31, 2015
Property, plant, and equipment (net)
$650
$735
Long-term debt
490
690
Depreciation expense
50
60
Retained earnings
130
295
Sales revenue
1,000
1,500
Income taxes
50
70
Current portion of long-term debt
50...
Nike, Inc. Comparative Balance Sheets May 31 ($ in millions) 2020 2019 $10.248 1,890 1,395 $13,533 $ 8,400 1,800 1,500 $11,700 Assets Current assets Property, plant, and equipment (net) Other assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Stockholders' Equity Total liabilities and stockholders' equity $ 3,465 1,261 8.807 $13,533 $3,500 1,300 6.900 $11,700 Prepare a horizontal analysis of the balance sheet data for Nike, using 2019 as a base. (Show the amount of increase or decrease...
Suppose the comparative balance sheets of Nike, Inc. are presented here. Nike, Inc. Comparative Balance Sheets May 31 ($ in millions) 2020 2019 Assets $10,500 $8,400 Current assets Property, plant, and equipment (net) 2,006 1,700 Other assets 1,900 1,406 $13,912 $12,000 Total assets Liabilities and Stockholders' Equity $3,069 $3,100 Current liabilities Long-term liabilities 1,248 1,300 Stockholders' equity 9,595 7,600 $13,912 $12,000 Total liabilities and stockholders' equity Prepare a horizontal analysis of the balance sheet data for Nike, using 2019 as...
Suppose the comparative balance sheets of Sage Hill Inc. are presented here SAGE HILL INC. Condensed Balance Sheet May 31 ($ in millions) 2017 2016 Assets Current Assets Property, plant, and equipment (net) Other assets Total assets $9.600 2,050 1.540 $8,700 1,840 1.740 $13.190 $12,280 Liabilities and Stockholders' Equity Current Liabilities Long-term liabilities $3.220 $3.340 1,300 1330 8,670 7.610 $13,190 $12,280 Stockholders' equity Total liabilities and stockholders' equity (a) Prepare a horizontal analysis of the balance sheet data for Sage...
Most questions answered within 3 hours.
-
(a) A lightbulb has a resistance of 165 Ω when operating with a
potential difference of...
asked 4 minutes ago -
Questions
Submission Question 2: Stacks
Problem
Write a program that keeps track of where cars are...
asked 3 minutes ago -
Using α = 0.05, test if the mean weight change
is less than 0 if a...
asked 22 minutes ago -
JAVA
Lab -Lottery Calculator
IMPORTANT: This lab is best implemented using a loop structure.
If you...
asked 9 minutes ago -
A diver springs upward with an initial speed of 2.1 m/s from a
3.5-m board.
(a)...
asked 18 minutes ago -
In an isobaric compression process, the volume of steam is
reduced from 1 Mpa and 773...
asked 22 minutes ago -
blood glucose level for obese patient population have
a mean of 100 with a standard deviation...
asked 23 minutes ago -
Which of the following mutations is MOST likely to be
recessive?
A.
Deletion of a haplo-insufficient...
asked 27 minutes ago -
The U.S. Department of Transportation, National Highway Traffic
Safety Administration, reported that 77% of all fatally...
asked 39 minutes ago -
For 1 through 11, create an expression using the relational
operators, the logical operators, and variable...
asked 52 minutes ago -
Remove all recursion from the following grammar:
S -> Aa | Bb
A -> Aa |...
asked 45 minutes ago -
The production budget for Manner Company shows units to be
produced as follows: July, 550; August,...
asked 55 minutes ago