Please create a balance sheet with the information given above. 2014 Debit 15,00

Question

Please create a balance sheet with the information given above.

2014 Debit 15,000 55,000 35,000 Credit Cash Account receivables Inventories Prepaid expenses Building Furniture and equipment Accounts payable Accrued expenses Sales tax payable Loan Share capital T-Shirt revenue Button-Down revenue Underwear revenue T-Shirt costs Button-Down costs Underwear costs Salaries Rent Utilities Insurance Marketing expenses Office supplies Total 5,000 20,000 30,000 35,000 10,000 11,000 25,000 20,000 105,000 120,000 75,000 50,000 45,000 30,000 50,000 36,000 10,000 9,800 8,000 2,200 $401,000 $ 401,000

Explanation / Answer

Balance Sheet for the year 2014

Note:

Calculation of Net profit:

Assets Cash $15,000 Accounts receivable 55,000 Inventories 35,000 Prepaid expenses 5,000 Building 20,000 Furniture and equipment 30,000 Total Assets $160,000 Equity and Liabilities Share capital $20,000 Add: Net profit 59,000 Accounts payable 35,000 Accrued expenses 10,000 Sales tax payable 11,000 Loan 25,000 Total Liabilities $160,000

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