Homework Answers
Requirement (a):
| NOVAKOWSKI COMPANY | |||||
| Balance sheet | |||||
| For the year year ended December 31,2021 | |||||
| Assets | Liabilities | ||||
| Current assets: | Current liabilities: | ||||
| Cash | $ 20,000 | Account Payable | $ 21,500 | ||
| Accounts Receivable | $ 4,000 | ||||
| Supplies | $ 4,500 | ||||
| Prepaid insurance | $ 7,000 | ||||
| Total current assets | $ 35,500 | Total current liabilities | $ 21,500 | ||
| Long term liabilities | |||||
| Property ,plant, and equipment: | Bond payable due in 2023 | $ 18,000 | |||
| Total long term Liabilities | $ 18,000 | ||||
| Equipment | $ 48,000 | Owners` Equity | |||
| Less: Accumulated Depreciation | $ (4,800) | M.Novakowski, capital | $ 46,000 | ||
| Net Equipment | $ 43,200 | Add: net income [23400-5200-6300-5000-3500] | $ 3,400 | ||
| Intangible assets: | Less: M.Novakowski ,drawings | $ (4,200) | |||
| Patents | $ 7,500 | ||||
| Less: Accumulated amortization-patent | $ (1,500) | ||||
| $ 6,000 | |||||
| Total Long-term assets | $ 49,200 | Total Owners` equity | $ 45,200 | ||
| Total Assets | $ 84,700 | Total liabilities and Owners` equity | $ 84,700 | ||
Requirement (b):
| Ratio | Formula | Calculation | dec 31,2021 | |
| Working capital | Current assets-Current liabilities | 35000-21500 | $ 13,500.00 | |
| Current ratio | Current assets/Current liabilities | 35000/21500 | 1.63 | Times |
| Acid test ratio | (Cash + Accounts receivables)/Current liabilities | (20000+4000)/21500 | 1.12 | Times |
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list of accounts
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list of accounts
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