Please help me with financial statement. Thank you.
Homework Answers
Answer:
| Balance sheet | |||
| Assets | Liabilities and Equity | ||
| Cash | $3,800,000 | Accounts payable | $7,000,000 |
| Other Current assets | $4,200,000 | ||
| Machinery | $6,000,000 | Equity | $7,000,000 |
| Total Assets | $14,000,000 | Total liabilities and Equity | $14,000,000 |
Calculations:
| Equity | $7,000,000 |
| Borrowing from creditors | $7,000,000 |
| Total funds raised | $14,000,000 |
| Other current assets [$14,000,000 x 30%] | $4,200,000 |
| Machinery | $6,000,000 |
| Remaining cash balance | $3,800,000 |
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