Question

at 12/3T Post closing Cash -- 10,00 2000 o BwidhinISo,000 나o.ooo Accontr paele Aumed saluies ISD,000 25 000 一 15000 Acumed Tuxes Notes Parsle SYears Hirst pumevct 013012018 Coumn Stock 10 000 33S, 000 939000 30,00 D B4brie sheet to be

Answer 1

Smart Company
Balance Sheet
For the year ended december 31, 2017
Assets
Current assets
Cash		$    10,000
Accounts Receivable	$   250,000
Less: Allowance for doubtful account	$   (20,000)
Accounts Receivable (net)		$ 230,000
Inventory		$ 200,000
Prepaid insurance		$      5,000
Total current assets			$ 445,000
Property, Plant and Equipment
Land		$    15,000
Building	$   150,000
Accumulated depreciation - Building	$   (40,000)	$ 110,000
Equipment	$   300,000
Accumulated depreciation - Equipment	$ (120,000)	$ 180,000
Total Property, plant and equipment			$ 305,000
Total Assets			$ 750,000
Liabilities and stock holders equity
Liabilities
Current liabilities
Accounts payable		$ 150,000
Accrued salaries		$    25,000
Accrued taxes		$    15,000
Note payable		$ 125,000
Total current liabilities			$ 315,000
Stockholders' equity
Common stock	$      10,000
Additional paid in capital	$      90,000
Total contributed capital		$ 100,000
Retained earnings		$ 335,000
Total Stock holders equity			$ 435,000
Total liabilities and stock holders equity			$ 750,000

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