---------------------Need help finishing the budgeted balance sheet. All the inf

Question

---------------------Need help finishing the budgeted balance sheet.  

All the infomation below is correct.  

Near the end of 2015, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2015. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2015 Assets Cash Accounts receivable $ 36,500 520,000 95,000 $651,500 Total current assets Equipment Less accumulated depreciation $612,000 76,500 Equipment, net 535,500 Total assets $1187,000 Liabilities and Equity Accounts payable Bank loan payable Taxes payable (due 3/15/2016) $340,000 5,000 88,000 $443,000 Total liabilities Common stock Retained earnings 473,000 271,000 Total stockholders' equity 744,000 Total liabilities and equity $ 1187,000

Explanation / Answer

Budgeted Balance Sheet Assets Current assets   Cash 254635   Accounts receivable (508750*75%*37%)+(591250*75%) 584615   Inventory (2100*20) 42000 881250 Total Current Assets Land 140000 Equipment (612000+33600+93600+19200) 758400 Less: Accumulated Depreciation 98825 (22325+76500) Equipment net 659575   Total assets 1680825 Liabilities and Stockholders’ Equity   Accounts payable (191000*80%)+(214000*100%) 366800 Taxes payable 210909 Total Liabilities 577709   Common stock 473000   Retained earnings (271000+359116) 630116 1103116 Total stockholder Equity   Total liabilities and stockholders’ equity 1680825

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