Homework SourseHow do I prepare the balance sheet for 2015 Exam Review Xn a
How do I prepare the balance sheet for 2015?
Exam Review Xn a standard cost system,t + C) |?https://app.efficientiearning.com/pv5N8/5/app/cma/part1.html?# ? -> ?Google ? Restaurant.com | Res ? CarMax I Job Search l Question 1 of 3(1A-ES02) a LinkedIn Tut orial 1:W , How to Create a Kille Mf Inbox (1,056-leeahc Tub My Account login Essay Assessment 1A MA-ES02 Essay The accountant at Dark Daze, Inc suddenly quit on December 31, 2015, leaving behind a mess. You managed to find the following information: Accum. Depr.-Building $15,000 Interest Payable Accum. Depr.-Equipment 10,000 Inventory Accounts Receivable Allowance for Bad Debt Bonds Payable (due 12/31/20) 78,000 Prepaid Advertising Buildings Cash Common Stock Equipment 600 $102,000 137,320 140 Notes Payable (due 7/1/16) 14,400 5,000 2,000 Land 80 400 Retained Earnings 30,000 Salaries Payable 60,000 Taxes Payable 40,000 900 3,000 A Prepare the firm\'s classified balance sheet for 2015 Dark, the CEO of Dark Daze, is concened about the typ Plant and Equipment (4) Bonds Payable and (5) Common Stock B. Ebonly pes of disclosures that the frm needs for its balance sheet items. Discuss the disclosures that the firm needs to make for (1) ut Copy Paste SaveSolution
Answer
ASSETS
Current Assets:
Cash
$ 30,000.00
Accounts Receivables
2000
Allowances for Bad Debts
-140
Accounts receivables, net
$ 1,860.00
Inventory
$ 1,02,000.00
Prepaid Advertising
$ 5,000.00
Total Current Assets
$ 1,38,860.00
Plant , Property & Equipment:
Land
$ 1,37,320.00
Buildings
$ 80,400.00
Accum Depr Building
$ (15,000.00)
$ 65,400.00
Equipment
$ 40,000.00
Accum Depr Equipment
$ (10,000.00)
$ 30,000.00
Total Property, Plant Equipment
$ 2,32,720.00
Total ASSETS
$ 3,71,580.00
LIABILITIES
Current Liabilities:
Interest payable
$ 600.00
Notes Payable (short term)
$ 14,400.00
Salaries payable
$ 900.00
Taxes payable
$ 3,000.00
Total Current Liabilities
$ 18,900.00
Long Term Liabilities:
Bonds Payable
$ 78,000.00
Total Liabilities
$ 96,900.00
STOCKHOLDERS\' EQUITY
Common Stock
$ 60,000.00
Retained earnings*
$ 2,14,680.00
Total Stockholder\'s Equity
$ 2,74,680.00
Total LIABILITIES & STOCKHOLDERS\' EQUITY
$ 3,71,580.00
Total Assets = $371,580
Total Liabilities & Equity (excluding Retained earnings) = $ 156,900
Retained earnings = 371580 – 156900 = $ 214,680
| ASSETS | |||
| Current Assets: | |||
| Cash | $ 30,000.00 | ||
| Accounts Receivables | 2000 | ||
| Allowances for Bad Debts | -140 | ||
| Accounts receivables, net | $ 1,860.00 | ||
| Inventory | $ 1,02,000.00 | ||
| Prepaid Advertising | $ 5,000.00 | ||
| Total Current Assets | $ 1,38,860.00 | ||
| Plant , Property & Equipment: | |||
| Land | $ 1,37,320.00 | ||
| Buildings | $ 80,400.00 | ||
| Accum Depr Building | $ (15,000.00) | $ 65,400.00 | |
| Equipment | $ 40,000.00 | ||
| Accum Depr Equipment | $ (10,000.00) | $ 30,000.00 | |
| Total Property, Plant Equipment | $ 2,32,720.00 | ||
| Total ASSETS | $ 3,71,580.00 | ||
| LIABILITIES | |||
| Current Liabilities: | |||
| Interest payable | $ 600.00 | ||
| Notes Payable (short term) | $ 14,400.00 | ||
| Salaries payable | $ 900.00 | ||
| Taxes payable | $ 3,000.00 | ||
| Total Current Liabilities | $ 18,900.00 | ||
| Long Term Liabilities: | |||
| Bonds Payable | $ 78,000.00 | ||
| Total Liabilities | $ 96,900.00 | ||
| STOCKHOLDERS\' EQUITY | |||
| Common Stock | $ 60,000.00 | ||
| Retained earnings* | $ 2,14,680.00 | ||
| Total Stockholder\'s Equity | $ 2,74,680.00 | ||
| Total LIABILITIES & STOCKHOLDERS\' EQUITY | $ 3,71,580.00 |
