3. The following is from a December 31 balance sheet for Tome Homebuilders. Comp
ID: 2331273 • Letter: 3
Question
3. The following is from a December 31 balance sheet for Tome Homebuilders. Compute the capital account balance:
Accounts receivable......................
$20,000
Accounts payable..........................
41,000
Building........................................
145,000
Accumulated depreciation
53,000
Cash..............................................
21,000
Notes payable................................
258,000
Inventory......................................
16,000
R. Perkins, Capital.........................
?
Land.............................................
30,000
Accounts receivable......................
$20,000
Accounts payable..........................
41,000
Building........................................
145,000
Accumulated depreciation
53,000
Cash..............................................
21,000
Notes payable................................
258,000
Inventory......................................
16,000
R. Perkins, Capital.........................
?
Land.............................................
30,000
Explanation / Answer
Calculate capital account balance :
So answer is -$120000
Cash 21000 Accounts receivable 20000 Inventory 16000 Land 30000 Building 145000 Less: Accumlated dep -53000 Total Assets 179000 Account payable -41000 Notes payable -258000 R. Perkins, Capital.. -120000Related Questions
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