Supreme Videos Inc Balance Sheet anuarv Assets Current asset

Supreme Videos, Inc. Balance Sheet anuarv Assets Current assets: Cash Accounts receivable Inventories: $ 82,00e0 121,000 $ 49,000 22,000 100,000 Raw materials (film, costumes) Videos in process Finished videos awaiting sale 171,000 12,80 386,800 Prepaid insurance Total current assets Studio and equipment 768,000 229,000 Less accumulated depreciation 539,000 $925,8060 lotal assets Liabilities and Stockholders\' Equity $128,800 Accounts payable Capital stock Retained earnings Total liabilities and stockholders\' equity $508,000 289,000 797,000 $925, 800

Solution

Cash A/c Opening bal 82000 By Utility 91000 A/R 869000 By Advt 149000 By Misc exp 10500 By A/P 519000 By Closing Bal 181500 951000 951000 Accounts Receivable To Op bal 121000 By Cash 89000 Sales 963000 Closing Bal 215000 1084000 1084000 Raw material Op. bal 49000 By Vid- in proc A/P 204000 direct 164250 indirect 54750 cl. bal 34000 253000 253000 Prepaid insurance To bal 12800 insurance 8900 bal 3900 12800 12800 Vedio in pro Bal 22000 FG 569000 DM 164250 Bal 226480 Ind. M 54750 Utility 91000 dep 77250 Insur 6230 Studio OH 380000 795480 795480