Homework Answers
| Happy Corporation | |||
| Balance Sheet | |||
| As of December 31, 2020 | |||
| Assets | Liabilities & Stockholder's Eqity | ||
| Current Assets: | Current Liabilities: | ||
| Cash | $410 | Accounts Payable | $35 |
| Accounts Receivable | $45 | Interest Payable | $6 |
| Prepaid Expenses | $16 | Income Tax Payable | $45 |
| Inventory | $15 | Total Current Liabilities | $86 |
| Total Current Assets | $486 | ||
| Non- Current Assets | Non- Current Liabilities | ||
| Mortgage Receivable | $44 | Mortgage Payable | $190 |
| Building | $31 | Total Liabilities | $276 |
| Equipment | $78 | ||
| Total Non - Current Assets | $153 | Stockholder's Equity | |
| Common Stock | $200 | ||
| Retained Earnings | $163 | ||
| Total Stockholder's Equity | $363 | ||
| Total Assets | $639 | Total Liabilities and Stockholder's Equity | $639 |
Working Notes:
| Happy Corporation | ||
| Income Statement | ||
| For the Year ended December 31, 2020 | ||
| Revenues | ||
| Sales | $1,000 | |
| $1,000 | ||
| Expenses | ||
| Cost of Goods Sold | $800 | |
| Building Expenses | $38 | |
| Depreciation Expenses | $16 | |
| Rent Expenses | $99 | |
| Interest Expenses | $10 | |
| Income Tax Expenses | $80 | |
| Total Expenses | $1,043 | |
| Net Income for the Year | -$43 |
| Happy Corporation | |
| Statement of Retained Earnings | |
| For the Year ended December 31, 2020 | |
| Retained earnings, Beginning Balance | $256 |
| Add: Net Income for the Month | -$43 |
| $213 | |
| Less: Dividend Paid | $50 |
| Retained earnings, December 31, 2020 | $163 |
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