Use your knowledge of balance sheets to fill in the amounts missing below. Total

Question

Use your knowledge of balance sheets to fill in the amounts missing below.

Total assets                                                                         C

LIABILITIES

Total liabilities and equity                                               C

C means calculte please. All calculation should be in excel format, Thanks

ASSETS Cash $10,000 Accounts receivable 100,000 Inventory C Total current assets $220,000 Gross P&E 500,000 Less accumulated depreciation C Net P&E $375,000

Total assets                                                                         C

LIABILITIES

Accounts payable $12,000 Notes payable $50,000 Totalcurrent abilities                                                         C   Long-term debt                                                                 C Total Liabilities $190,000 EQUITY Common stock ($1 par, 100,000 shares)                           C Paid-in capital                                                                     C Retained earnings 150,000 Total stockholders’ equity                                                  C

Total liabilities and equity                                               C

C means calculte please. All calculation should be in excel format, Thanks

Explanation / Answer

_________________

Formulas are Shown Below:

Inventory = Total Current Assets (220,000) - (Cash (10,000) + Accounts Receivable (110,000)) = $110,000

Accumulated Depreciation = Gross P&E (500,000) - Net P&E (375,000) = $125,000

_________________

Total Current Liabilities = Accounts Payable (12,000) + Notes Payable (50,000) = $62,000

Long Term Debt = Total Liabilities (190,000) - Total Current Liabilities (62,000) = $128,000

_________________

Common Stock = Par Value*Number of Shares (1*100,000) = $100,000

Total Liabilities and Stockholder's Equity = Total Assets (since both side should match) = $595,000

Total Stockholder's Equity = Total Liabilities and Stockholder's Equity (595,000) - Total Liabilities (190,000) = $405,000

Paid in Capital = Total Stockholder's Equity (405,000) - Common Stock (100,000) - Retained Earnings (150,000) = $155,000

ASSETS Cash 10,000 Accounts Receivable 100,000 Inventory 110,000 Total Current Assets $220,000 Gross P&E 500,000 Less Accumulated Depreciation 125,000 Net P&E 375,000 Total Assets $595,000 LIABILITIES Accounts Payable 12,000 Notes Payable 50,000 Total Current Liabilities   62,000 LongTerm Debt $128,000 Total Liabilities $190,000 Equity Common stock ($1 par, 100,000 shares) 100,000 Paid in Capital 155,000 Retained Earnings 150,000 Total Stockholder's Equity $405,000 Total Liabilties and Equity $595,000

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