Hi There
Please answer the belwo question on pririty basis in 1 hour.Thanks in advance.
The following items were taken from the records of a company asof December 31st.
Accounts Payable
47,000
Long-term Notes Receivable
35,000
Accounts Receivable
22,000
Patent,net
6,000
Building
215,000
Accrued Expenses
9,000
Cash
15,000
Short-term Notes Payable
135,000
Equipment
76,000
Common Stock
1,000
Retained Earnings
??
Bonds Payable
75,000
Prepaid Expenses
12,000
Accumulated depreciation
92,000
Sales
123,000
Dividends paid
30,000
Depreciation Expense
18,000
Unearned Revenue
8,000
Cost of Goods Sold
75,000
Goodwill
28,000
Long term Investments
100,000
Treasury Stock
25,000
Inventory
79,000
Short Term Investments
50,000
Interest Payable
1,000
Long Term Debt
150,000
Prepare a balance sheet in proper format for the company as ofDecember 31st
to compute the amount of "retained earnings" as it appears as"??" in the facts. Hint: it will be the amount you will have to"plug in" to make the statement balance correctly...assuming theother parts you prepared are correct re: assets and liabilitieswere computed correctly!
Hi There
Please answer the belwo question on pririty basis in 1 hour.Thanks in advance.
The following items were taken from the records of a company asof December 31st.
Accounts Payable | 47,000 | Long-term Notes Receivable | 35,000 | |
Accounts Receivable | 22,000 | Patent,net | 6,000 | |
Building | 215,000 | Accrued Expenses | 9,000 | |
Cash | 15,000 | Short-term Notes Payable | 135,000 | |
Equipment | 76,000 | Common Stock | 1,000 | |
Retained Earnings | ?? | Bonds Payable | 75,000 | |
Prepaid Expenses | 12,000 | Accumulated depreciation | 92,000 | |
Sales | 123,000 | Dividends paid | 30,000 | |
Depreciation Expense | 18,000 | Unearned Revenue | 8,000 | |
Cost of Goods Sold | 75,000 | Goodwill | 28,000 | |
Long term Investments | 100,000 | Treasury Stock | 25,000 | |
Inventory | 79,000 | Short Term Investments | 50,000 | |
Interest Payable | 1,000 | Long Term Debt | 150,000 |
Prepare a balance sheet in proper format for the company as ofDecember 31st
to compute the amount of "retained earnings" as it appears as"??" in the facts. Hint: it will be the amount you will have to"plug in" to make the statement balance correctly...assuming theother parts you prepared are correct re: assets and liabilitieswere computed correctly!