Homework Answers
Answer:
| Flint Bowling Alley | |||||
| Statement of financial position | |||||
| At December 31,2022 | |||||
| Assets | Liabilities | ||||
| Property,plant, and equipment: | Stockholders equity | ||||
| Land | $ 61,000 | Share capital | $ 100,000 | ||
| Buildings | $ 128,200 | Retained earnings [10150+14160-780-7370-2450] | $ 13,710 | ||
| Less: Accumulated depreciation-buildings | $ (42,530) | $ 85,670 | Long term liabilities: | ||
| Equipment | $ 61,600 | Note payable [97690-13800] | $ 83,890 | ||
| Less: Accumulated depreciation-equipment | $ (18,480) | $ 43,120 | Current liabilities: | ||
| Current assets: | Accounts payable | $ 13,600 | |||
| Prepaid insurance | $ 4,620 | Note payable (Short term) | $ 13,800 | ||
| Accounts receivable | $ 14,600 | Interest payable | $ 2,450 | $ 29,850 | |
| Cash | $ 18,440 | ||||
| Total Assets | $ 227,450 | Total liabilities and stockholders` equity | $ 227,450 | ||
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In Accounting
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