Homework Answers
Kingbird, inc.
Balance sheet
December 31, 2017
|
Assets |
|||
|
Current Assets |
|||
|
Cash |
13971 |
||
|
Accounts receivable |
14868 |
||
|
Prepaid insurance |
3776 |
||
|
Total current assets |
32615 |
||
|
Plant, Property, and Equipment |
|||
|
Land |
72216 |
||
|
Buildings |
124844 |
||
|
Less: Accumulated Depreciation-Building |
(53808) |
71036 |
|
|
Equipment |
97232 |
||
|
Less: Accumulated Depreciation -Equipment |
(22090) |
75142 |
218394 |
|
Total Assets |
251009 |
||
|
Liabilities & Shareholder’s Equity |
|||
|
Current Liabilities |
|||
|
Accounts Payable |
11210 |
||
|
Interest Payable |
4248 |
||
|
Note Payable (current portion of long term debt) |
16048 |
||
|
Total current liabilities |
31506 |
||
|
Long Term Liabilities |
|||
|
Note Payable |
94400 |
||
|
Total Liabilities |
125906 |
||
|
Shareholders’ Equity |
|||
|
Common Stock |
70800 |
||
|
Retained Earnings |
54303 |
||
|
Total Shareholders’ Equity |
125103 |
||
|
Total Liabilities & Shareholders’ Equity |
251009 |
Long term liabilities =110448-16048 = 94400
Retained earnings = beginning balance + net income = 47199 + (17346-920-6254-3068) = 54303
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