ACCT 212 Lecture Notes - Lecture 4: Current Liability, Retained Earnings, Income Statement
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THIS IS A STARTUP BUSINESS AND THESE ARE PROJECTIONS.THE ASSETS AND LIABILITIES WILL NOT EQUAL.
INCREASE EACH YEAR BY 5%
As of ___/___/___ | |||||||||
BALANCE SHEET | |||||||||
Current Assets: | 2017 | 2018 | 2019 | ||||||
CASH ON HAND | $ 500.00 | ||||||||
CASH IN BANK | 0 | ||||||||
CASH IN BANK -CDS | 0 | ||||||||
ACCOUNTS RECEIVABLE | 0 | ||||||||
RESERVE FOR BAD DEBT | 0 | ||||||||
INVENTORY | 4000 | ||||||||
TOTAL CURRENT ASSESTS | $ 4,500.00 | ||||||||
FIXED ASSETS | |||||||||
MACHINERY & EQUIPMENT | 4335 | ||||||||
FIXTURES & EQUIPMENT | 500 | ||||||||
RESERVE FOR DEPRECIATION | 0 | ||||||||
TOTAL FIXED ASSESTS | $ 4,835.00 | ||||||||
TOTAL ASSETS | $ 9,335.00 | ||||||||
LIABILITIES | |||||||||
CURRENT LIABILITIES | 0 | ||||||||
ACCOUNTS PAYABLE | 0 | ||||||||
CURRENT PORTION LONG TERM DEBT | 0 | ||||||||
TOTAL CURRENT LIABILITIES | 0 | ||||||||
LONG TERM LIABILITIES | |||||||||
NOTES PAYABLE | BANK | $ 25,000.00 | |||||||
TOTAL LONG TERM LIABILITIES | $ 25,000.00 | ||||||||
EQUITY | |||||||||
OWNERS EQUITY | $ 25,000.00 | ||||||||
TOTAL LIABILITIES & EQUITY | $ 39,170.00 |
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Yes the difference between account payable and accountsreceivable is required.
Is accounts payable larger or smaller than accounts receivable?What is the difference? What do the numbers indicate? Explain.
What does "equipment net of depreciation" mean?
Are payables short-term or long-term?
Determine total liabilities.
Determine net short-term assets or liabilities.
Determine the total amount owed by VWV at the end of theyear.
How do we know that the above is a corporate (not a soleproprietor) balance sheet?