Homework Answers
| FLOUNDER CORPORATION |
| BALANCE SHEET |
| DECEMBER 31, 2020 |
| ASSETS |
| CURRENT ASSETS: | |
| Cash | $ 6,850 |
| Supplies | $ 1,470 |
| Prepaid insurance | $ 1,270 |
| TOTAL CURRENT ASSETS L(1) | $ |
| INTANGIBLE ASSETS: | |
| Trademark(2) | $ 1,220 |
| TANGIBLE ASSETS: | |
| Equipment. $ 48 270 | |
| Less: Accumulated Depreciation ( $ 4,270). (3) | $ 44,000 |
| TOTAL ASSETS (1+2+3) | $ 54,810 |
| LIABILITIES |
| CURRENT LIABILITIES: | |
| Accounts payable | $ 10,270 |
| Salaries and wages payable | $ 770 |
| Unearned service revenue | $ 2,270 |
| TOTAL CURRENT LIABILITIES (1) | $ 13,310 |
| LONG TERM LIABILITIES: | |
| Bonds payable (2) | $ 9,270 |
| TOTAL LIABILITIES (1+2) | $ 22,580 |
| STOCKHOLDERS EQUITY |
| Common stock | $ 10,270 |
| Add: Ending retained earnings | $ 21,960 |
| TOTAL EQUITY | $ 32,230 |
| TOTAL LIABILITIES AND EQUITY | $ 54,810 |
Ending retained earnings = beginning retained earnings - net loss - dividend
Ending retained earnings = 25,270 - 3,310 - 0
Ending retained earnings = $ 21,960.
Total assets = total liabilities + equity.
Total assets = 22,580 +32,230
Total assets = $ 54,810.
So cash balance = total assets - 54,810
Cash = $ 6,850.
SUMMARY:
Cash balance = total assets - all other assets.
Total assets is got by putting values in basic accounting equation.
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