Question

Below is the trial balance of Manhattan Realtors Inc. for the period ended 12/31/16.

Cash	5,030,000
Rent Receivable	150,000
Prepaid Expense	250,000
Prepaid Insurance	565,000
Building	15,525,000
Unearned Revenue	(526,000)
Accounts Payable	(246,000)
Accrued Expenses	(200,000)
Additional Paid-in Capital	(14,000,000)
Retained Earnings	(3,925,000)
Rental Revenue	(5,000,000)
Salaries	1,152,000
Utilities Expenses	300,000
Property Taxes	425,000
Depreciations	350,000
Other Expenses	150,000
Prepare the Balance Sheet based on the above information. (10 points) What is the company’s total current asset? (10 points) What is the company’s total current liabilities? (10 points) What is the total shareholders’ equity? (10 points)

Answer 1

Prepare the Balance Sheet based on the above information.

Assets	Amount	Liabilities and stockholder's equity	Amount
Current assets		Current liabilities
Cash	5030000	Account payable	246000
Rent receivable	150000	Accured expense	200000
Prepaid expense	250000	Unearned revenue	526000
Prepaid insurance	565000	Total current liabilities	972000
		Long term liabilities
Total current assets	5995000	Total liabilities	972000
Non current assets		Stockholder's equity
Building	15525000	Common stock	14000000
		Retained earnings	6548000
		Total stockholder's equity	20548000
Total Assets	21520000	Total liabilities and stockholder's equity	21520000

Total current assets = 5995000

Total current liabilities = 972000

Total stockholder's equity = 20548000