Use your knowledge of the balance sheets to fill in the missing amounts: Assets:
ID: 2676991 • Letter: U
Question
Use your knowledge of the balance sheets to fill in the missing amounts:Assets:
Cash 50,000
Accounts Receivable 80,000
Inventory 100k
Total current assets -------
Gross Plant and equip -------
Less: accumulated depreciation 130k
Net plant and equipment 600k
Total Assets --------
Liabilities:
Accounts payable 12,000
Notes Payable 50,000
Total current liabilities -------
Long term debt -------
Total Liabilities -------
Common stock (1 dollar per 100k shares) --------
Paid in capital 250k
Retained earnings 200k
Total stockholders equity ---------
total liabilities and equity 830k
Explanation / Answer
Total current assets =50,000 + 80,000 + 100,000= $230,000=
Total current assets=$230K
Total Assets =total liabilities and equity =830,000
Total Assets =830,000
Gross Plant and equip-accumulated depreciation=Net plant and equipment
Gross Plant and equip= 600k+130k=730K
Gross Plant and equip= 730K
Total current liabilities =12,000 + 50,000 = 62,000
Total current liabilities = 62,000
Common stock=100k
Total stockholders equity =100k+250k +200k =550k
Total stockholders equity =550k
Total Liabilities =830k-550k=280k
Total Liabilities =280k
Long term debt =280k-62,000=218k
Long term debt =218k
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