Prepare a classified Balance Sheet, dated 12-31-18, for these 3 situations: Situation 1 12-31-18 Assets: Cash...
Prepare a classified Balance Sheet, dated 12-31-18, for these 3
situations:
Situation 1
12-31-18 Assets:
Cash ………………………………. 183,000
Accounts Rec. ………………...…..…… 274,000
Inventory ………………...………………. 175,000
Equipment, Net of Accum. Depr. …….. 750,000
12-31-18 Liabilities:
Accounts Pay. ………………...…..…… 72,000
Short-Term Notes Payable …...…..…… 295,000
Long-Term Notes Payable …...…..… … 388,000
12-31-18 Equity:
Business is named Happy Productions and is owned solely by Harry
Happy.
(You will have to determine the equity amount)
Situation 2
Business is named Aztec Partners and is owned by Judy Smith and Al
Topp
Assets and Liabilities are the same as situation 1.
Equity-
Capital as of 1-1-18:
Judy ………………………………………. 151,000
Al, ……………………………………….. 184,000
Capital Contributed in 2018:
Judy …………………………………….. -
Al ………………………………………… -
Drawings ,2018:
Judy ……………………………………. 55,000
Al ……………………………………….. 82,000
Share of Profits ,every year:
Judy …………………………………… 0.4
Al …………………………………….. 0.6
Situation 3
Business is a corporation named Aztec, Inc.
Assets and Liabilities are the same as situation 1.
Equity-
Paid in Capital(Common Stock) as of 12-31-18 is ………………. 611,000
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Prepare a classified Balance Sheet, dated 12-31-18, for these 3
situations:
Situation 1
12-31-18 Assets:
Cash...
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based on these transactions,
im having trouble filling in the rest.
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$35,000 Machinery and Equipment $350,000 $315,000 Buildings $75,000
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