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Prepare a balance sheet in good form using the information given below. Make sure to identify current assets, net fixed assets, total assets, current liabilities, long-term debt, total equity, and total liabilities and equity.

Gross fixed assets $45,000

Cash 18,000

Accumulated depreciation 30,000

Common stock 43,000

Accounts payable 47,000

Inventories 122,000

Retained earnings 100,000

Accounts receivable 60,000

Long-term debt 25,000

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Joshua Stredder
Joshua StredderLv10
25 Jan 2021
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Prepare a Balance Sheet using the following information:

Gross fixed assets $40,000

Cash $18,000

Other cash $ 5,000

Accumulated Depreciation $ 30,000

Common Stock $ 43,000

Short-term notes payable $ 12,000

Accounts Payable $35,000

Inventories $122,000

Retained earnings $100,000

Accounts receivable $60,000

long-term notes payable $10,000

long-term bonds payable $15,000

Sales $300,000

Cost of goods sold $150,000

Current assets

Current liabilities

Cash

$72,000

Accounts payable

$12,000

Accounts receivable

18,000

Interest payable

12,000

Interest receivable

1,000

Inventory

60,000

Total current assets

$151,000

Total current liabilities

$24,000

Long-term assets

Long-term liabilities

Equipment (net of depreciation)

$128,000

Note payable

100,000

Total long-term assets

$128,000

Total long-term liabilities

$100,000

Equity

Common stock

10,000

Paid-in capital

50,000

Retained earnings

95,000

Total equity

$155,000

Total assets

279,000

Total liabilities and equity

$279,000

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?

Consider the following balance sheet:

BestCare HMO

Balance Sheet

June 30, 2011

(in thousands)

Assets

Current Assets:

Cash $2,737

Net premiums receivable 821

Supplies 387

Total current assets $3,945

Net property and equipment $5,924

Total assets $9,869

Liabilities and Net Assets

Accounts payable—medical

Services $2,145

Accrued expenses 929

Notes payable 382

Total current liabilities $3,456

Long-term debt $4,295

Total liabilities $7,751

Net assets—unrestricted

(equity) $2,118

Total liabilities and net

Assets $9,869

Consider the following financial statements for Green Valley Nursing Home, Inc. a for profit long-term care facility:

Green Valley Nursing Home Inc.
Balance Sheet
December 31, 2011
Assets
Current assets:
Cash $105,737
Marketable securities 200,000
Net patient accounts receivables 215,600
Supplies 87,655
Total current assets $608,992
Property and equipment $2,250,000
Less accumulated depreciation 356,000
Net property and equipment $1,894,000
Total assets $2,502,992
Liabilities and Shareholder?s Equity
Current liabilities:
Accounts payable $72,250
Accrued expenses 192,900
Notes payable 100,000
Current portion of long-term debt 80,000
Total current liabilities $445,150
Long term debt $1,700,000
Shareholders? Equity:
Common stock, $10 par value $100,000
Retained earnings 257,842
Total shareholder?s equity $357,842
Total liabilities and shareholders? equity $2,502,992

A. WHAT IS THE PRIMARY DIFFERENCE BETWEEN THESE 2 STATEMENTS

c. What was Green Valley's total debt ratio?*************************************
Current liabilities
LT liabilities
Total liabilities (debt)
Total assets
Total debt ratio

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