Balance Sheet Classi?cations and Relationships : Shelley and Co. has the followi

Question

Balance Sheet Classi?cations and Relationships:
Shelley and Co. has the following balance sheet elements as of December 31, 2012.
Land. . . . . . . . . . . . . . . . . . . . . . . $247,000 Mortgage payable. . . . . . . . . . $365,000
Cash  . . . . . . . . . . . . . . . . . . . . . .           ?       Capital stock. . . . . . . . . . . . . . 300,000
Building  . . . . . . . . . . . . . . . . . . . . 330,000    Retained earnings . . . . . . . . . . 218,000
Accounts payable . . . . . . . . . . . . . 159,000    Inventory  . . . . . . . . . . . . . . . . 81,000
Notes payable (short-term). . . . . . .    86,000    Accounts receivable  . . . . . . . . 154,000
Equipment  . . . . . . . . . . . . . . . . . . 282,000

Required:
Compute the total amount of:
1. Current assets.
2. Long-term assets.
3. Current liabilities.
4. Long-term liabilities.
5. Stockholders

Balance Sheet Classi?cations and Relationships:
Shelley and Co. has the following balance sheet elements as of December 31, 2012.
Land. . . . . . . . . . . . . . . . . . . . . . . $247,000 Mortgage payable. . . . . . . . . . $365,000
Cash  . . . . . . . . . . . . . . . . . . . . . .           ?       Capital stock. . . . . . . . . . . . . . 300,000
Building  . . . . . . . . . . . . . . . . . . . . 330,000    Retained earnings . . . . . . . . . . 218,000
Accounts payable . . . . . . . . . . . . . 159,000    Inventory  . . . . . . . . . . . . . . . . 81,000
Notes payable (short-term). . . . . . .    86,000    Accounts receivable  . . . . . . . . 154,000
Equipment  . . . . . . . . . . . . . . . . . . 282,000

Required:
Compute the total amount of:
1. Current assets.
2. Long-term assets.
3. Current liabilities.
4. Long-term liabilities.
5. Stockholders

Explanation / Answer

Balance Sheet Classi?cations and Relationships: Shelley and Co. has the following balance sheet elements as of December 31, 2012. Land. . . . . . . . . . . . . . . . . . . . . . . $247,000 Mortgage payable. . . . . . . . . . $365,000 Cash  . . . . . . . . . . . . . . . . . . . . . .           ?       Capital stock. . . . . . . . . . . . . . 300,000 Building  . . . . . . . . . . . . . . . . . . . . 330,000    Retained earnings . . . . . . . . . . 218,000 Accounts payable . . . . . . . . . . . . . 159,000    Inventory  . . . . . . . . . . . . . . . . 81,000 Notes payable (short-term). . . . . . .    86,000    Accounts receivable  . . . . . . . . 154,000 Equipment  . . . . . . . . . . . . . . . . . . 282,000 Required: Compute the total amount of: 1. Current assets. 2. Long-term assets. 3. Current liabilities. 4. Long-term liabilities. 5. Stockholders

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