Account Title Debits Credits Cash 77,000 Investments 142,000 Accounts receivable
ID: 2605764 • Letter: A
Question
Account Title Debits Credits Cash 77,000 Investments 142,000 Accounts receivable 76,000 Inventories 216,000 Prepaid insurance 6,000 Land 122,000 Buildings 436,000 Accumulated depreciation—buildings 116,000 Equipment 126,000 Accumulated depreciation—equipment 76,000 Patents (net of amortization) 26,000 Accounts payable 107,000 Notes payable 178,000 Interest payable 36,000 Bonds payable 256,000 Common stock 348,000 Retained earnings 110,000 Totals 1,227,000 1,227,000I am doing a Balance Sheet for this company but can not figure the marketable securities or the liabilities and shareholders equity parts to this balance sheet. Every answer I come up withis wrong. Getting very frustrated on hiw to prepare this. could someone give me examples on how to figure these out please and thank you Account Title Debits Credits Cash 77,000 Investments 142,000 Accounts receivable 76,000 Inventories 216,000 Prepaid insurance 6,000 Land 122,000 Buildings 436,000 Accumulated depreciation—buildings 116,000 Equipment 126,000 Accumulated depreciation—equipment 76,000 Patents (net of amortization) 26,000 Accounts payable 107,000 Notes payable 178,000 Interest payable 36,000 Bonds payable 256,000 Common stock 348,000 Retained earnings 110,000 Totals 1,227,000 1,227,000
I am doing a Balance Sheet for this company but can not figure the marketable securities or the liabilities and shareholders equity parts to this balance sheet. Every answer I come up withis wrong. Getting very frustrated on hiw to prepare this. could someone give me examples on how to figure these out please and thank you
Explanation / Answer
The balance sheet in this case can be prepared as follows:
Equity and liabilities
Shareholder's funds
Common stock. $348,000
Retained earnings. $110,000
Non current liabilities
Bonds payable. $256,000
Current liabilities
Accounts payable. $107,000
Notes payable. $178,000
Interest payable. $36,000
Total. $1,035,000
Non current assets
Property, plant and equipment (net)
Land. $122,000
Building. $320,000
Equipment. $50,000
Intangible assets
Patents. $26,000
Current assets
Cash. $77,000
Investment. $142,000
Accounts receivable. $76,000
Inventories. $216,000
Prepaid insurance. $6,000
Total. $1,035,000
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