Balance Sheet preparation. Use the appropriate items from the following list to

Question

Balance Sheet preparation. Use the appropriate items from the following list to prepare in good form M's Baked Goods balance sheet at December 31, 2015   

ITEM Value($000) at 12/31/2015 ITEM VALUE

ACCTS. PAYABLE $ 220 INVENTORIES $ 375

ACCT'S RECEIVABLE 450 LAND 100

ACCRUALS 55 LONG-TERM DEBT 420

ACCUM. DEPREC 265 MACHINERY 420

BUILDINGS 225 MARKETABLE SECURITIES 75

CASH 215 NOTES PAYABLE 475

COMMON STOCK(At par) 90 PAID-IN CAPITAL IN EXCESS

COGS 2,500 OF PAR 360   

DEPRC. EXPENSE 45 PREFERRED STOCK 100

EQUIPTMENT 140 RETAINED EARNINGS 210

FURNITURE/FIXTURES 170 SALES REVENUE 3,600

GENERAL EXPENSES 320 VEHICLES 25

Explanation / Answer

Balance Sheet Total Assets BUILDINGS 225 EQUIPTMENT 140 FURNITURE/FIXTURES 170 LAND 100 MACHINERY 420 VEHICLES 25 ACCUM. DEPREC $ (265.00) MARKETABLE SECURITIES 75 890 Current Assets CASH 215 ACCT'S RECEIVABLE 450 INVENTORIES          $ 375 1040 Current Laibilities ACCTS. PAYABLE 220 ACCRUALS 55 COMMON STOCK(At par) 90 NOTES PAYABLE 475 840 Shareholding PAID-IN CAPITAL IN EXCESS OF PAR 360 LONG-TERM DEBT 420 PREFERRED STOCK 100 RETAINED EARNINGS 210 1090 0

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