Answer | ||||
Blue Company | ||||
Balance shhet | ||||
As of July 31, 2020 | ||||
Assets | Amount | Amount | Amount | Working Note |
Current asset :- | ||||
Cash | $ 67,120 | 73,930-12810+6000 | ||
Account receivable | $ 43,361 | 48930-5569 | ||
Less: Allowance for doubtful debts | $ -3,500 | $ 39,861 | ||
Inventories | $ 70,499 | 64930+5569` | ||
Total current asset | $ 1,77,480 | |||
Long term investment:- | ||||
Bank sinking fund | $ 12,810 | |||
Property, plant, and equipment:- | $ 1,16,930 | |||
Less: Accumulated depriciation | $ 32,930 | $ 84,000 | ||
Intangible assets:- | ||||
Patents | $ 21,000 | |||
Total assets | $ 2,95,290 | |||
Liabilities | ||||
Current liability :- | ||||
Notes and accounts payable | $ 48,930 | |||
Taxes payable | $ 6,000 | |||
Total current liability | $ 54,930 | |||
Long-term liability | $ 79,930 | |||
Total liability | $ 1,34,860 | |||
Stockholders equity | $ 1,60,430 | |||
Total liabilities & equity | $ 2,95,290 |
Exercise 5-6 The bookkeeper for Blue Company has prepared the following balance sheet as of July...
Exercise 5-6 The bookkeeper for Metlock Company has prepared the following balance sheet as of July 31, 2020. Cash Accounts receivable (net) Inventory Equipment (net) Patents METLOCK COMPANY BALANCE SHEET AS OF JULY 31, 2020 $ 72,670 Notes and accounts payable 44,170 Long-term liabilities 63,670 Stockholders' equity 84,000 21,000 $285,510 $ 47,670 78,670 159,170 $285,510 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $13,020 in a bond sinking fund. 2. The net...
Exercise 5-6 The bookkeeper for Marin Company has prepared the following balance sheet as of July 31, 2020. Sn Cash Accounts receivable (net) Inventory Equipment (net) Patents MARIN COMPANY BALANCE SHEET AS OF JULY 31, 2020 $ 73,030 Notes and accounts payable 44,530 Long-term liabilities 64,030 Stockholders' equity 84,000 21,000 $286,590 $ 48,030 79,030 159,530 $286,590 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $12,950 in a bond sinking fund. 2. The...
The bookkeeper for Kingbird Company has prepared the following balance sheet as of July 31, 2017 KINGBIRD COMPANY BALANCE SHEET AS OF JULY 31, 2017 $ 48,440 79,440 159,940 $287,820 $ 73,440 Notes and accounts payable Accounts receivable (net) Inventory Equipment (net) Patents 44,940 Long-term liabilities 64,440 Stockholders' equity 84,000 21,000 $287,820 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $11,820 in a bond sinking fund. 2. The net accounts receivable balance...
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The bookkeeper for Stellar Company has prepared the following
balance sheet as of July 31, 2020.
STELLAR COMPANY
BALANCE SHEET
AS OF JULY 31, 2020
Cash
$ 70,190
Notes and accounts payable
$ 45,190
Accounts receivable (net)
41,690
Long-term liabilities
76,190
Inventory
61,190
Stockholders’ equity
156,690
Equipment (net)
84,000
$278,070
Patents
21,000
$278,070
The following additional information is provided.
1.
Cash includes $1,200 in a petty cash fund and $11,890 in a bond
sinking fund.
2.
The net accounts receivable...
The bookkeeper for Kingbird Company has prepared the following balance sheet as of July 31, 2017 KINGBIRD COMPANY BALANCE SHEET AS OF JULY 31, 2017 $48,440 79,440 159,940 $287,820 Cash $73,440 Notes and accounts payable Accounts receivable (net) 44,940 Long-term liabilities 64,440 Stockholders' equity 84.000 21,000 Equipment (net) $287,820 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $11,820 in a bond sinking fund 2. The net accounts receivable balance is comprised of...
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