Homework Answers
| Monty | |||
| Balance Sheet | |||
| As on December 31, 2019 | |||
| Assets | |||
| Current Assets | |||
| Cash | $18,900 | ||
| Accounts Receivable | $14,700 | ||
| Prepaid Insurance | $4,400 | ||
| Total Current Assets | $38,000 | ||
| Property, Plant and Equipment | |||
| Land | $68,500 | ||
| Buildings | $127,400 | ||
| Less: Accumulated Depreciation - Buildings | $43,300 | $84,100 | |
| Equipment | $62,500 | ||
| Less: Accumulated Depreciation - Equipment | $18,300 | $44,200 | $196,800 |
| Total Assets | $234,800 | ||
| Liabilities and Stockholders' Equity | |||
| Current Liabilities | |||
| Accounts Payable | $11,900 | ||
| Notes Payable | $23,000 | ||
| Interest Payable | $2,400 | ||
| Total Current Liabilities | $37,300 | ||
| Long Term Liabilities | |||
| Note Payable* | $73,300 | ||
| Total Liabilities | $110,600 | ||
| Shareholders' Equity | |||
| Equity Capital | $93,050 | ||
| Retained Earnings** | $31,150 | ||
| Shareholders' Equity | $124,200 | ||
| Total Liabilities and Shareholders' Equity | $234,800 | ||
*Notes Payable - As $23,000 will be paid in the year 2020, therefore, the same will be classified as current liabilities. Whereas, the remaining $73,300 of the notes payable will be classified as non-current and will go under "long-term Liabilities".
** Retained Earnings = The amount of retained earnings at the end of the year will arrive after adding the net profit to the opening balance of Retained Earnings.
Net Profit = Service Revenue - Insurance Expense - Depreciation Expense - Interest Expense
= $15,700 - $900 - $7,400 - $2,400
= $5,000.
Balance of Retained Earnings as on December 31, 2019 = Opening Retained Earnings + Net Profit
= $26,150 + $5,000
= $31,150.
Add Answer to:
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