Solution: | ||||
BALANCE SHEET | ||||
ASSETS | AMOUNT | AMOUNT | ||
CURRENT ASSETS: | ||||
Cash on Hand | $ 14,500 | |||
Petty Cash | $ 375 | |||
Cash Reserved for Building Expansion | $ 20,000 | |||
Account Receivable $ 300,000 | ||||
Less : Allowance for uncollectable A/c $ 10,000 | $ 2,90,000 | |||
Inventory | $ 80,000 | |||
Note Receivable (Due in 9 Months) | $ 1,20,000 | |||
Marketable Securities (to be sold in 6 Monts) | $ 65,000 | |||
Prepaid Insurance | $ 18,000 | |||
Supplies | $ 1,600 | |||
$ 6,09,475 | ||||
INVESTMENTS: | ||||
Investments | $ 9,85,000 | |||
FIXED ASSETS: | ||||
Furniture | $ 2,45,000 | |||
Buildng | $ 6,00,000 | |||
Land | $ 1,25,000 | |||
Patents | $ 75,000 | |||
Accumulated Depreciation | $ -75,000 | |||
$ 9,70,000 | ||||
TOTAL OF ASSETS | $ 25,64,475 | |||
LIABILITIES & SHAREHOLDER'S EQUITY | AMOUNT | AMOUNT | ||
CURRENT LIABILITIES: | ||||
Account Payable | $ 78,000 | |||
Wages Payables | $ 8,000 | |||
Treasury Bills (Due in 2 Months) | $ 8,500 | |||
Notes Payable (Due in 6 Monts) | $ 20,000 | |||
$ 1,14,500 | ||||
NON-CURRENT LIABILITIES: | ||||
Note Payable (Due in 2 Years) | $ 1,40,000 | |||
Bonds Payable | $ 2,50,000 | |||
$ 3,90,000 | ||||
Shareholder's Equity | ||||
Common Stock | $ 3,00,000 | |||
Retained Earnings | $ 17,59,975 | |||
Total Shareholder's Equity | $ 20,59,975 | |||
TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY | $ 25,64,475 | |||
Notes: | Calculation of retained Earnings | |||
Retained Earnings = Total of Assets - Current Liabilities - Noncurrent Liabilities - Common Stock | ||||
Retained Earnings = $ 2,564,475 - $ 114,500 - $ 390,000 - $ 804,500 | ||||
Retained Earnings = $ 1,759,975 | ||||
Presented below is a list of accounts from the general ledger of Last Chance Bookstore. Please...
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