Use the following account information to prepare the 2011 balance sheet for Blaz
ID: 2332351 • Letter: U
Question
Use the following account information to prepare the 2011 balance sheet for Blaze Industries. Be sure to use the proper format. If you need to research the format for balance sheets, you may wish to start with the suggested materials in Resources. Wages payable $880.00. Supplies $80.00 Common stock $10,000.00. Equipment $217,200.00 Interest payable-$3,600.00. Retained earnings-$27,520.00. Accounts receivable $400.00 Long-term bonds payable $150,000.00. Cash $3,050.00 Advances from customers $460.00 Prepaid insurance $830.00. Accumulated depreciation $29,100.00. Blaze Industries Balance Sheet, as of December 31, 2011 Capella Proprietary and Confidential ShortDoc Internal.doc Last updated: 2/25/2015 9:14 AM 1Explanation / Answer
Answers
Blaze Industries
Balance Sheet as of December 31, 2011
ASSETS
Current Assets:
Cash
$ 3,050.00
Accounts receivables
$ 400.00
Supplies
$ 80.00
Prepaid Insurance
$ 830.00
Total Current Assets
$ 4,360.00
Property, Plant & Equipments:
Equipment
$ 217,200.00
Accumulated Depreciation
$ (29,100.00)
Total Property, Plant & Equipment
$ 188,100.00
Total ASSETS
$ 192,460.00
LIABILITIES
Current Liabilities:
Wages Payable
$ 880.00
Interest payable
$ 3,600.00
Advance from Customers
$ 460.00
Total Current Liabilities
$ 4,940.00
Long Term Bonds payable
$ 150,000.00
Total Liabilities
$ 154,940.00
STOCKHOLDER's EQUITY
Common Stock
$ 10,000.00
Retained Earnings
$ 27,520.00
Total Stockholder's Equity
$ 37,520.00
Total LIABILITIES & STOCKHOLDER's EQUITY
$ 192,460.00
Blaze Industries
Balance Sheet as of December 31, 2011
ASSETS
Current Assets:
Cash
$ 3,050.00
Accounts receivables
$ 400.00
Supplies
$ 80.00
Prepaid Insurance
$ 830.00
Total Current Assets
$ 4,360.00
Property, Plant & Equipments:
Equipment
$ 217,200.00
Accumulated Depreciation
$ (29,100.00)
Total Property, Plant & Equipment
$ 188,100.00
Total ASSETS
$ 192,460.00
LIABILITIES
Current Liabilities:
Wages Payable
$ 880.00
Interest payable
$ 3,600.00
Advance from Customers
$ 460.00
Total Current Liabilities
$ 4,940.00
Long Term Bonds payable
$ 150,000.00
Total Liabilities
$ 154,940.00
STOCKHOLDER's EQUITY
Common Stock
$ 10,000.00
Retained Earnings
$ 27,520.00
Total Stockholder's Equity
$ 37,520.00
Total LIABILITIES & STOCKHOLDER's EQUITY
$ 192,460.00
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