2. The following balance sheet is for the Ballyhoo Company for fiscal year-end 2
ID: 2730506 • Letter: 2
Question
2. The following balance sheet is for the Ballyhoo Company for fiscal year-end 2014. Please fill in all missing data. (4 pts.)
Assets Liabilities and Equity_____________
Cash $4,300 Accounts payable $2,340
Accounts receivable _____ Notes payable 4,300
Inventories 8,200 Accruals 1,620
Total current assets $14,300 Total current liabs. _____
Gross plant and equip. _____ Long-term bonds _____
Less: accum depr. 5,630 Total debt $13,100
Net plant and equip. _____
Common stock(100 shares) 6,300
Retained earnings _____
Total Common equity $13,800
Total Assets _______ Preferred Stock _____
Total liabs & equity $30,000
Explanation / Answer
Assets Liabilities and equity Cash 4,300 Accounts payable 2,340 Accounts receivable 1,800 Notes payable 4,300 Inventories 8,200 Accruals 1,620 Total current assets 14,300 Total current liabilities 8,260 Gross plant and equipment 21,330 Long term bonds Less:Accumulated depreciation 5,630 Total debt 13,100 Net plant and equipment 15,700 Common stock(100 shares) 6,300 Retained earnings 7,500 Total common equity 13,800 Preferred stock 16,200 Total assets 30,000 Total liabilities and equity 30,000
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