Below is the trial balance for evets which took place is 2014. Below is the bala
ID: 2445877 • Letter: B
Question
Below is the trial balance for evets which took place is 2014.
Below is the balance sheet for for Dec 31 2013. Which balances would you add to the above trial balance from the 2013 balance sheet.
CAPTAIN JET INC.
BALANCE SHEET
DECEMBER 31, 2013
Current Assets
Cash
41,200
Notes Receivable
16,000
Accounts Receivable
41,800
Less: Allowance for Doubtful Accounts
(3,000)
Inventories
40,000
Prepaid Insurance
540
Prepaid Rent
500
Total Current Assets
137,040
Non-Current Assets
Long-term Investments
Investments in held-for-maturity securities
51,000
Land held for future development
45,500
Property, Plant, and Equipment
Land
85,000
Buildings
675,000
Less: Accumulated Depreciation (187,500)
Intangible Assets
Capitalized Development Costs 8,000
Goodwill 76,000
Other Identifiable Intangible Assets 48,000
Total Non-Current Assets 801,000
Total Assets 938,040
Current Liabilities
Notes Payable 110,000
Accounts Payable 33,500
Unearned Revenues 12,000
Income Taxes Payable 8,440
Property Taxes Payable 6,600
Interest Payable 1,500
Total Current Liabilities 172,040
Non-Current Liabilities
Provisions Related to Pensions 84,000
Bonds Payable 300,000
Total Non-Current Liabilities 384,000
Total Liabilities 556,040
Stockholders' Equity
Common Stock 100,000
Preferred Stock 100,000
Paid-in-capital - Common Stock 27,500
Paid-in-capital - Preferred Stock 10,000
Retained Earnings 152,250
Accumulated Other Comprehensive Income 5,000
Less: Treasury Stock (12,750)
Total Stockholders' Equity 382,000
Total Liabilities and Stockholders' Equity 938,040
Comment
Current Assets
Cash
41,200
Notes Receivable
16,000
Accounts Receivable
41,800
Less: Allowance for Doubtful Accounts
(3,000)
Inventories
40,000
Prepaid Insurance
540
Prepaid Rent
500
Total Current Assets
137,040
Non-Current Assets
Long-term Investments
Investments in held-for-maturity securities
51,000
Land held for future development
45,500
Property, Plant, and Equipment
Land
85,000
Buildings
675,000
Explanation / Answer
Below is the Balance sheet which his Self explainmatory as per your requirement
BALANCE SHEET
working of retained working is as below
BALANCE SHEET
DECEMBER 31, 2014 Balance as on 2013 Adujment Balance sheet 2014 Current Assets Cash 41,200 -3958 37,242 Notes Receivable 16,000 -6100 9,900 Accounts Receivable 41,800 41,800 Less: Allowance for Doubtful Accounts -3,000 1300 -1,700 Inventories 40,000 38146 78,146 Prepaid Insurance 540 540 Prepaid Rent 500 6000 6,500 Total Current Assets 1,37,040 35,388 1,72,428 Non-Current Assets Long-term Investments Investments in held-for-maturity securities 51,000 51,000 Land held for future development 45,500 15000 60,500 Property, Plant, and Equipment Land 85,000 85,000 Buildings 6,75,000 6,75,000 Less: Accumulated Depreciation -1,87,500 -1,87,500 Intangible Assets Capitalized Development Costs 8,000 8,000 Goodwill 76,000 76,000 Other Identifiable Intangible Assets 48,000 48,000 Total Non-Current Assets 8,01,000 15,000 8,16,000 Total Assets 9,38,040 50,388 9,88,428 Current Liabilities Notes Payable 1,10,000 10000 1,20,000 Accounts Payable 33,500 -27210 6,290 Unearned Revenues 12,000 12,000 Income Taxes Payable 8,440 8,440 Property Taxes Payable 6,600 6,600 Utilities Payable 1250 1,250 Salaries Payable 1500 1,500 Interest Payable 1,500 -1500 Total Current Liabilities 1,72,040 -15,960 1,56,080 Non-Current Liabilities Provisions Related to Pensions 84,000 84,000 Bonds Payable 3,00,000 3,00,000 Total Non-Current Liabilities 3,84,000 0 3,84,000 Total Liabilities 5,56,040 -15,960 5,40,080 Stockholders' Equity Common Stock 1,00,000 10000 1,10,000 Preferred Stock 1,00,000 1,00,000 Paid-in-capital - Common Stock 27,500 27,500 Paid-in-capital - Preferred Stock 10,000 10,000 Retained Earnings 1,52,250 56348 2,08,598 Accumulated Other Comprehensive Income 5,000 5,000 Less: Treasury Stock -12,750 -12,750 Total Stockholders' Equity 3,82,000 66,348 4,48,348 Total Liabilities and Stockholders' Equity 9,38,040 50,388 9,88,428Related Questions
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