A balance sheet shows exactly where a business stands at any given point in time. It...
A balance sheet shows exactly where a business stands at any given point in time. It has two parts, assets and liabilities. Total assets are equal to the total liabilities plus net worth. Net worth is simply the difference between total assets and total liabilities or between what is owned and what is owed. The balance sheet should have the current assets and fixed assets as divisions under the assets portion of the statement. There should be current liabilities, fixed liabilities and net worth under the liabilities and net worth portion of the statement. The two sections of the balance sheet must balance!
For questions 1 to 6, you will be making the calculations
required in a balance sheet for the establishment 'Plantopia' for
the month ending June 30, 2020. Use the following figures:
Cash On
Hand
900
Long Term Debt
15,000
Cash in Checking Account
4,000
Income Taxes
1,300
Accounts Receivable
8,100
Accounts Payable
3,500
Doubtful Collections
400
Notes Payable
5,000
Merchandise Inventory
12,500
Accumulated Depreciation
10,000
Trucks
14,000
Building
36,000
Furniture
3,200
Equipment
5,100
Please calculate:
-Total current assets
-Total fixed assets
-The total assets
-Net worth
-Total current liabilities
-Total liabilities
Homework Answers
current asset ;
cash on hand : 900 /
cash on account :4000 /
account receivable : 8100 /
merchandise inventory : 12500 /
total current asset : 25500 /
fixed asset;
Trucks
: 14,000 /
Building
: 36,000 /
Furniture
: 3,200 /
Equipment
: 5,100 /
total fixed asset : 58300 /
total asset = current asset + fixed asset
83800 = 25500 + 58300
current liability ;
accounts payable : 3500
not payable :5000
total current liability : 8500 /
long team liability
Long Term Debt : 15,000 /
Income Taxes : 1,300 /
total long team liability : 16300 /
total liability = current liability + long team liability
24800 = 8500 + 16300
Net worth
Net worth = asset - liability
59000 = 83800 - 24800
Add Answer to:
A balance sheet shows exactly where a business stands at any
given point in time. It...
Use the following tinancial statements: Dynamic Mattress Year-End Balance Sheet for 2014 (figures in $ millions)...
Use the following tinancial statements: Dynamic Mattress Year-End Balance Sheet for 2014 (figures in $ millions) Current Liabilities: Bank loans Current Assets Cash Marketable securities Accounts receivable Inventory 49 134 183 188 Accounts payable 137 142 467 Long-term debt Total current liabilities Total current assets 84 428 Net worth (equity and retained earnings) Fixed assets Gross investment Less depreciation Net fixed assets 332 104 228 695 Total assets Total liabilities and net worth 695 Dynamic Mattress Year-End Balance Sheet for...
current ratio quick ratio REVIEW QUESTIONS AND EXERCISES TABLE P3.3 67 Balance Sheet, Peachtree Construction (31...
current ratio
quick ratio
REVIEW QUESTIONS AND EXERCISES TABLE P3.3 67 Balance Sheet, Peachtree Construction (31 December 2016) $243.146 201.573 42,147 243,720 1,873 76.142 Assets Current assets Cash Accounts receivable Trade accounts Retainage Total accounts receivable Material inventory Work in process (costs and estimated earnings in excess of billings) Prepaid expenses- Other current assets Total current assets Fixed assets Machinery and equipment Cars and trucks Furniture and fixtures Total depreciable assets Less accumulated depreciation Net fixed assets Total assets 6,148...
1. a. The balance sheet shows a company's assets and liabilities, at one point in time...
1. a. The balance sheet shows a company's assets and liabilities, at one point in time assets and liabilities; over a period of time revenue and costs; at one point in time revenue and costs, over a period of time b. Which are examples of current assets? Check all that apply: Cash Accounts receivable Accrued expenses Inventory c. Which are examples of current liabilities? Check all that apply: Accounts payable Accrued wages Current portion of long-term debt Paid-in capital 2....
1. Arrange the following items into an income statement and balance sheet in the normal order....
1. Arrange the following items into an income statement and balance sheet in the normal order. Retained Earnings Interest Expense- Long Term Debt Accounts Payable Depreciation Accumulated Depreciation Current Assets Taxable Income Accounts Receivable Cash Gross Fixed Assets Inventory Cost of Goods Sold - Labor Expense - Common Stock Taxes Sales - Overhead Total Assets After Tax Income Net Fixed Assets Short Term Debt Current Liabilities Total Liabilities and Net Worth EBIT Gross Profit
Changes in Current Operating Assets and Liabilities-Indirect Method Huluduey Corporation's comparative balance sheet for current assets...
Changes in Current Operating Assets and Liabilities-Indirect Method Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y 1 Accounts recevable $17,500 $12,500 Inventory 51,650 44,200 Accounts payable 8,480 5,100 Dividends payable 9,480 6 100 Adjust net income of s75,800 for changes in operating assets and liabilities to arrive at net cash fio from bperating activities
8. Given the financial statement shown here as Table P3.3 calculate the: (a) Current ratio (b)...
8. Given the financial statement shown here as Table P3.3 calculate the: (a) Current ratio (b) Quick ratio Table P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash $243,146 Accounts receivable Trade accounts 201,573 Retainage 42,147 Total accounts receivable 243,720 Material inventory 1,873 Work in process (costs and estimated earnings in excess of 76,142 billings) Prepaid expenses 6,148 Other current assets 782 Total current assets 571,811 Fixed assets Machinery and equipment 542,173 Cars and trucks 49,214 Furniture...
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $17,900 30,500 Accounts payable Supplies 8,100 Prepaid insurance 14,700 Land 232,800 $304,000 Total current assets Property, plant, and equipment: Building $487,100 110,200 Equipment Total property, plant, and equipment Total assets 792,000 $1,096,000 Liabilities Current liabilities: $40,700 Accounts receivable Accumulated depreciation-building 200,600 Accumulated depreciation--equipment 32,600 174,300 Net income Total liabilities $448,200...
The balance sheet and income statement for Covid19 Bhd is presented below. BALANCE SHEET (000) Cash...
The balance sheet and income statement for Covid19 Bhd is presented below. BALANCE SHEET (000) Cash $ 500 Accounts receivable 1,500 Inventories 500 Current assets 2,500 Net fixed assets 5,000 Total Assets $ 7,500 Accounts payable 1,200 Bank note 300 Total current liabilities 1,500 Long term debt 4,000 Common stock 300 Retained earnings 1,700 Total liabilities and owner's equity $ 7,500 INCOME STATEMENT (000) Net sales $ 8,500 Cost of goods sold (3,400) Gross profit 5,100 Operating expenses (2,900) Net...
Your company had the following balance sheet and income statement information for 2002: Balance Sheet: Cash...
Your company had the following balance sheet and income statement information for 2002: Balance Sheet: Cash $ 20 A/R 1,000 Inventories 5,000 Total current assets $6,020 Debt $4,000 Net fixed assets 2,980 Equity 5,000 Total assets $9,000 Total claims $9,000 Income Statement: Sales $10,000 Cost of goods sold 9,200 EBIT $ 800 Interest (10%) 400 EBT $ 400 Taxes (40%) 160 Net income $ 240 \ The industry average inventory turnover is 5. You think you can change your inventory...
Use the following tinancial statements: Dynamic Mattress Year-End Balance Sheet for 2014 (figures in $ millions) Current Liabilities: Bank loans Current Assets Cash Marketable securities Accounts receivable Inventory 49 134 183 188 Accounts payable 137 142 467 Long-term debt Total current liabilities Total current assets 84 428 Net worth (equity and retained earnings) Fixed assets Gross investment Less depreciation Net fixed assets 332 104 228 695 Total assets Total liabilities and net worth 695 Dynamic Mattress Year-End Balance Sheet for...
current ratio
quick ratio
REVIEW QUESTIONS AND EXERCISES TABLE P3.3 67 Balance Sheet, Peachtree Construction (31 December 2016) $243.146 201.573 42,147 243,720 1,873 76.142 Assets Current assets Cash Accounts receivable Trade accounts Retainage Total accounts receivable Material inventory Work in process (costs and estimated earnings in excess of billings) Prepaid expenses- Other current assets Total current assets Fixed assets Machinery and equipment Cars and trucks Furniture and fixtures Total depreciable assets Less accumulated depreciation Net fixed assets Total assets 6,148...
1. a. The balance sheet shows a company's assets and liabilities, at one point in time assets and liabilities; over a period of time revenue and costs; at one point in time revenue and costs, over a period of time b. Which are examples of current assets? Check all that apply: Cash Accounts receivable Accrued expenses Inventory c. Which are examples of current liabilities? Check all that apply: Accounts payable Accrued wages Current portion of long-term debt Paid-in capital 2....
1. Arrange the following items into an income statement and balance sheet in the normal order. Retained Earnings Interest Expense- Long Term Debt Accounts Payable Depreciation Accumulated Depreciation Current Assets Taxable Income Accounts Receivable Cash Gross Fixed Assets Inventory Cost of Goods Sold - Labor Expense - Common Stock Taxes Sales - Overhead Total Assets After Tax Income Net Fixed Assets Short Term Debt Current Liabilities Total Liabilities and Net Worth EBIT Gross Profit
Changes in Current Operating Assets and Liabilities-Indirect Method Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y 1 Accounts recevable $17,500 $12,500 Inventory 51,650 44,200 Accounts payable 8,480 5,100 Dividends payable 9,480 6 100 Adjust net income of s75,800 for changes in operating assets and liabilities to arrive at net cash fio from bperating activities
8. Given the financial statement shown here as Table P3.3 calculate the: (a) Current ratio (b) Quick ratio Table P3.3 Balance Sheet, Peachtree Construction (31 December 2016) Assets Current assets Cash $243,146 Accounts receivable Trade accounts 201,573 Retainage 42,147 Total accounts receivable 243,720 Material inventory 1,873 Work in process (costs and estimated earnings in excess of 76,142 billings) Prepaid expenses 6,148 Other current assets 782 Total current assets 571,811 Fixed assets Machinery and equipment 542,173 Cars and trucks 49,214 Furniture...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $17,900 30,500 Accounts payable Supplies 8,100 Prepaid insurance 14,700 Land 232,800 $304,000 Total current assets Property, plant, and equipment: Building $487,100 110,200 Equipment Total property, plant, and equipment Total assets 792,000 $1,096,000 Liabilities Current liabilities: $40,700 Accounts receivable Accumulated depreciation-building 200,600 Accumulated depreciation--equipment 32,600 174,300 Net income Total liabilities $448,200...
Most questions answered within 3 hours.
-
Describe the function of a Change Control Board.
When calculating Planned Value (PV), what is the...
asked 1 minute ago -
The customer help center in your company receives calls from
customers who need help with some...
asked 13 minutes ago -
A manufacturer wished to compare the wearing qualities of two
different types of automobile tires, A...
asked 11 minutes ago -
Write a MATLAB script file that will sum all the positive
entries in V and stop...
asked 19 minutes ago -
The objective of this assignment is to demonstrate an
understanding of key course concepts and reflect...
asked 21 minutes ago -
A plant's flower colour is determined by the pathway shown
below:
white1 ----Gene A----->
white2----Gene
B---->Blue...
asked 27 minutes ago -
Sketch an acceleration-versus-time
graph for an object, starting with some initial speed, traveling on
a flat...
asked 35 minutes ago -
Bi2O3(s) + 2C (s) yields 2 Bi (s) + 3 CO (g)
What substances are in...
asked 42 minutes ago -
Describe the relationship between the free energy change for a
spontaneous process and the amount of...
asked 37 minutes ago -
Overproduction of uric acid in the body can be an indication of
cell breakdown. This may...
asked 56 minutes ago -
I very foolishly got in a fight with Big Joe during our last
basketball game. He...
asked 1 hour ago -
Block 1 (15 kg) is located on the surface of a
table. A rope pulls on...
asked 54 minutes ago