Homework SourseAccount Title Debits Credits Cash 77000 Investments 142000 A
| Account Title | Debits | Credits | ||||
| Cash | 77,000 | |||||
| Investments | 142,000 | |||||
| Accounts receivable | 76,000 | |||||
| Inventories | 216,000 | |||||
| Prepaid insurance | 6,000 | |||||
| Land | 122,000 | |||||
| Buildings | 436,000 | |||||
| Accumulated depreciation—buildings | 116,000 | |||||
| Equipment | 126,000 | |||||
| Accumulated depreciation—equipment | 76,000 | |||||
| Patents (net of amortization) | 26,000 | |||||
| Accounts payable | 107,000 | |||||
| Notes payable | 178,000 | |||||
| Interest payable | 36,000 | |||||
| Bonds payable | 256,000 | |||||
| Common stock | 348,000 | |||||
| Retained earnings | 110,000 | |||||
| Totals | 1,227,000 | 1,227,000 | ||||
| I am doing a Balance Sheet for this company but can not figure the marketable securities or the liabilities and shareholders equity parts to this balance sheet. Every answer I come up withis wrong. Getting very frustrated on hiw to prepare this. could someone give me examples on how to figure these out please and thank you |
| Account Title | Debits | Credits | ||||
| Cash | 77,000 | |||||
| Investments | 142,000 | |||||
| Accounts receivable | 76,000 | |||||
| Inventories | 216,000 | |||||
| Prepaid insurance | 6,000 | |||||
| Land | 122,000 | |||||
| Buildings | 436,000 | |||||
| Accumulated depreciation—buildings | 116,000 | |||||
| Equipment | 126,000 | |||||
| Accumulated depreciation—equipment | 76,000 | |||||
| Patents (net of amortization) | 26,000 | |||||
| Accounts payable | 107,000 | |||||
| Notes payable | 178,000 | |||||
| Interest payable | 36,000 | |||||
| Bonds payable | 256,000 | |||||
| Common stock | 348,000 | |||||
| Retained earnings | 110,000 | |||||
| Totals | 1,227,000 | 1,227,000 | ||||
| I am doing a Balance Sheet for this company but can not figure the marketable securities or the liabilities and shareholders equity parts to this balance sheet. Every answer I come up withis wrong. Getting very frustrated on hiw to prepare this. could someone give me examples on how to figure these out please and thank you |
Solution
The balance sheet in this case can be prepared as follows:
Equity and liabilities
Shareholder\'s funds
Common stock. $348,000
Retained earnings. $110,000
Non current liabilities
Bonds payable. $256,000
Current liabilities
Accounts payable. $107,000
Notes payable. $178,000
Interest payable. $36,000
Total. $1,035,000
Non current assets
Property, plant and equipment (net)
Land. $122,000
Building. $320,000
Equipment. $50,000
Intangible assets
Patents. $26,000
Current assets
Cash. $77,000
Investment. $142,000
Accounts receivable. $76,000
Inventories. $216,000
Prepaid insurance. $6,000
Total. $1,035,000
