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Brick Master has a September 30 year-end. At the end of 20Y5, the company’s assets are...

Brick Master has a September 30 year-end. At the end of 20Y5, the company’s assets are as follows: Machinery, $15,700 with $1,600 accumulated depreciation; Prepaid Rent, $1,200; a building bought on September 30 for $16,500; Cash, $2,250; and Accounts Receivable, $3,150. The owner, Kathleen Dills, has a capital account balance of $6,150. The liabilities include Notes Payable, $22,700, which includes $3,200 due within the following year; Accounts Payable, $6,600; and Taxes Payable, $1,750. Prepare the company’s balance sheet for the year-end.

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Answer #1

BALANCE SHEET

ASSETS

CURRENT ASSETS $

PREPAID RENT 1200

ACCOUNTS RECEIVABLE 3150

CASH 2250

TOTAL CURRENT ASSETS 6600

FIXED ASSETS

MACHINERY 15700

LESS:ACC.DEPRECIATION (1600) 14100

BUILDING 16500

TOTAL NON CURRENT ASSETS 30600

TOTAL ASSETS 37200

LIABILITIES

CURRENT LIABILITIES $

ACCOUNTS PAYABLE 6600

TAXES PAYABLE 1750

TOTAL NON CURRENT LIABILITIES 8350

NON CURRENT LIABILITIES

NOTES PAYABLE 22700

TOTAL LIABILITIES 31050

SHAREHOLDERS CAPITAL

CAPITAL 6150

TOTAL LIABILITIES & CAPITAL 37200

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