ASSETS Cash $50,000 Accounts receivable 80,000 Inventory 100,000 Total current a

Question

ASSETS
Cash $50,000
Accounts receivable 80,000
Inventory 100,000
Total current assets –––––––
Gross plant and equipment –––––––
Less: accumulated depreciation 130,000
Net plant and equipment 600,000
Total assets –––––––
LIABILITIES
Accounts payable $12,000
Notes payable 50,000
Total current liabilities –––––––
Long-term debt –––––––
Total liabilities –––––––
Common stock ($1 par, 100,000 shares) –––––––
Paid-in capital 250,000
Retained earnings 200,000
Total stockholders’ equity –––––––
Total liabilities and equity $830,000
4. Use your knowledge of balance sheets and common-size statements
to fill in the missing dollar amounts:
ASSETS
Cash $25,000 3.4%
Accounts receivable $125,000 _____
Inventory _______ 27.1%
Total current assets $350,000 ______
Gross plant and equipment _______ 95.0%
Less: accumulated depreciation $313,000 42.5%
Net plant and equipment _______ ______
Total assets $737,000 100.0%
LIABILITIES
Accounts payable _______ 15.7%
Notes payable $29,000 3.9%
Total current liabilities _______ _____
Long-term debt $248,000 33.6%
Total liabilities $393,000 _____
Common stock ($.01 par,
450,000 shares) $4,500 0.6%
Paid-in capital $220,500 29.9%
Retained earnings _______ _____
Total stockholders’ equity $344,000 46.7%
Total liabilities and equity _______ 100.0%

Explanation / Answer

total current assets = cash + accounts receivables = $1,30,000 total current liabilities = accounts payable+notables payable = $62,000 total stock holder equity = $300,000

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