Question

These items are taken from the financial statements of Sam Smith for 2018. Sam Smith capital 1/1/18 $212,000 Sam Smith Drawing 20,000 Selling expenses 40,000 Equipment 260,000 Accumulated depreciation (equip) 64,000 Accounts payable 21,200 Cash 67,600 Inventory 14,000 Salaries and wages payable 12,000 Sales 272,000 Cost of merchandise sold 80,000 Administrative expenses 56,400 Accounts receivable 56,000 Notes payable (due 12/31/20) 12,800

Create a balance sheet as of December 31 2018

Answer 1

Master - Excel File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Calibri Share Xcut Гb Copy Format Painter V11 VA A at Wrap Text General Paste I U - DA- 2- Merge & Center . % Insert Delete format Clipboard Font Conditional Formatas Cell Formatting Table Styles Styles Clean- Sort Find Finer-Select- Alignment Number СІ > Income Statement of Sam Smith А B D E F G H 1 Income Statement of Sam Smith 2 Particulars Amount 3 4 2,72,000 5 6 Sales Revenue Less: Variable Costs Cost of Merchandise Sold Administraive Expenses Selling Expenses Net Profit 7 8 80,000 56,400 40,000 95,600 9 10 11 12 13 Sheet 612 Working Sheet Sheet 614 Sheet 614 (2) Sheet 615 100N Ready

Master - Excel File Home Insert Page Layout Sign in Formulas Data Review View Help Tell me what you want to do Calibri & Share V111 Α Α΄ % Cut BE Copy Format Painter ab Wrap Text General Paste B I u a- A- Merge & Center 9. % Insert Delete Format AutoSum- Z! Fill Sort & Find & Clear- Filter - Select Editing Clipboard Conditional Format as Cell Formatting Table Styles Styles Font Alignment Number Cells C12 ... X ✓ Total B C D E F G H K 1 2 3 Sam Sith Balance Sheet Dec 31,2018 Assets 4 5 Current Assets 6 7 Cash Accounts Receivables Inventory Total 67,600 56,000 14,000 1,37,600 od 9 10 Non Current Assets 11 Equipment Net of Depreciation Total 12 1,96,000 1,96,000 3,33,600 13 Total Assets 14 Liabilities and Shareholders Equity Sheet 6151 Sheet 612 Working Sheet Sheet 614 Sheet 616 + 150% Ready

ob Cut Calibri Share ab Wrap Text Custom Paste 11 VAA ..A Еe Copy Format Painter AutoSum- I U 5 Merge & Center - % +000 000 Full- Insert Delete Format Clipboard Font Conditional Format as Cell Formatting Table Styles Styles Clear - Alignment Number Sort & Find & Filter - Select - Editing Cells . C27 fi B H 14 K 15 16 17 18 C D E F G Liabilities and Shareholders Equity Liabilities Current Liabilities Salaries and Wages Payables Accounts Payables Total Non Current Liabilities Notes Payables Total Shareholders Equity Sam's Capital Total Total Liabilities and Shareholders Equity 12,000 21,200 33,200 19 20 21 12,800 12,800 22- 23 24 25 2,87,600 2,87,600 3,33,600 26 27 4 Sheet 612 Working Sheets Sheet 614 Sheet 616 Sheet 615 a 1609 Ready

File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do 4 Share * Cut 6 Copy Calibri V11 VA A = ab Wrap Text General > AutoSum - Paste A B I Format Painter D-A- Merge & Center Fill - % , Insert Delete Format Clipboard Conditional Format as Cell Formatting Table Styles Styles Font Clear Alignment Sort & Find & Filter - Select- Editing Number Cells C32 fo Sam's Closing Capital = 212,000+ 95,600 - 20,000 = 287,600 B C D E F H سا K 19 Total 33,200 20 Non Current Liabilities 21 22 12,800 12,800 23 Notes Payables Total Shareholders Equity Sam's Capital Total Total Liabilities and Shareholders Equity 24 25 2,87,600 2,87,600 3,33,600 26 27 28 Notes:- Equipment net of Depreciation = 260,000 - 64,000 (Accumulated Depreciation) = 196,000 1 29 SU 31 2 Sam's Closing Capital = Opening Capital + Net Profit for the year - Drawings Sam's Closing Capital = 212,000+ 95,600 - 20,000 = 287,600 32 33 > Working Sheet 612 Sheets Sheet 614 Sheet 615 Sheet 616 Ready