Exercise 413 Show the calculations A Current assets B Proper

Exercise 4-13 Show the calculations A Current assets B Property, plant and equipment C Intangble assets D Non-current assets E Total assets F Current labilities G Non current Eabilities H Total liabiities Total liabilities and equity

Solution

Current Asset Account Receivable 48000 Cash 14400 Prepaid Rent 14000 Repair Supplies 13100 Current Portion of Note receivable 2000 91500 Property Plant & Equipment Land 148000 Equipment 19000 Accumulated Depreciation Equipment -9000 10000 Truck 26000 Accumulated Depreciation Truck -21000 5000 163000 Intangible Asset Fanchise 21000 Intangibel Asset-Other 7000 28000 Non-Current Asset Note Receivable 4000 4000 Total Asset 286500 Current Liabilities Account Payable 31000 Interets Payable 750 Note Payable 7000 Unearned Repair revenue 12600 Current Portion of Long term Note Payable 15000 66350 Non Curren tLiabilities Long term note payable 20000 20000 Total Liabilities 86350 Equity Vic\'s Capital 74900 Vic Sopik Drawing -49000 25900 Net Income (As per Working Note) 174250 200150 Total Liabilities & Equities 286500 Working Note for Calculation of Income Repair Revenue 266000 Less: Repair Supplies Expense 29000 Rent Expnese 51000 Interest Expense 450 Gas and Oil Expense 7500 Depreciation Expense 3800 Net Income 174250