Balance Sheet Puzzle (18 points) be considered when solving this Balance Sheet p

Question

Balance Sheet Puzzle (18 points) be considered when solving this Balance Sheet puzzle for FURNITURE Corporation as at July 31, 2017. Set out below are the individual accounts and their respective balances that should uired 1. Select only the accounts that are listed on a Balance Sheet and insert them on the attached blank Balance Sheet under one of the five captions: Current Assets Long Term Assets Current Liabilities Long Term Liabilities Shareholders' Equity 2. Then calculate Total Assets, Total Liabilities and Shareholders' Equity. They must balance (A = L + SE)! Current Portion of Long Term Debt $8,000 Additional Paid In Capital -28,000 Net Sales-s50,000 Prepaid Insurance-$1,000 Accounts Receivable less allowances- $9,000 Selling and distribution Expense $4,500 Cash and cash equivalents - Land-$ 35,000 Other eurrent liabilities-3,000 Accounts Payable $4,000 Rent expense s 12,000 Interest expense s so0 Trademarks (net) - $ 2,000 Long term debt s 18,000 Retained Earnings $55,000 Patents (net)-$6,000 Common Stock $10,000 Property, plant & equipment (at cost)-$65,000 Other long term liabilities s6,000 Interest revenue $ 750 Income taxes expense $1,2s0 Short Term Notes Payable S5,000 Salaries expense- s 22,000 Cost of Goods Sold-$30,000 Accumulated depreciation on Property, plant & equipment (S 15,000) Inventories $15,000 repaid rent s 3,000 Goodwill- $10,000 Other intangible assets- s 5,000 crued Liabilities-$6,000 Property, plant& equipment Depreciation Expense $2,000 17

Explanation / Answer

Name head Amt Name Head amt Common stock SE 10000 land LA 35000 Current portion of long term debts CL 8000 AR CA 9000 Retained earnings SE 55000 Plant and mach LA 65000 Addiotional Paid in capital SE 28000 Prepais insurance CA 1000 Long termdebts LL 18000 Casha nd Cash eqv CA 7000 AP CL 4000 Trademarks LA 2000 Other Current liabilitess CL 3000 Patents LA 6000 Other Logn term laibiloties LL 6000 Inventory CA 15000 Shjort term notes payble CL 5000 Prepaid rent CA 3000 Accumulated Dep. LL 15000 Goodwill LA 10000 Accured laiblitiers CL 6000 Other tanglible assets LA 5000 0 Total 158000 Total; 158000 Income statement as below - Net sales 50000 Interst rev 750 Total revenues 50750 SE Shareholders equity Cost of goods sodl 30000 LL Long term laibility salaries exp. 22000 CL Current liability Interst exp. 800 CA Current assets Rent exp. 12000 LA Long term assets Selling and disct exp. 4500 Income tax exp. 1250 Dep. 2000 Total Exp. And COGS 72550 Loss 21800

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