Question

BALANCE SHEET This Year Cash 23,450 Accounts Receivable 75,250 Inventory 295,000 Current Assets 393,700 Net Property,...

BALANCE SHEET
This Year
Cash 23,450
Accounts Receivable 75,250
Inventory 295,000
Current Assets 393,700
Net Property, Plant & Equipment 322,500
Total Assets 716,200
Accounts Payable 48,250
Short-Term Debt - (3%) 22,000
Accrued Expenses 18,750
Current Liabililities
Long Term Debts - (5%) 365,000
Total Liabilities
Common Stock 100,000
Retained Earnings 162,200
Total Equity 262,200
Total Liabilities & Equity
Instructions: Calculate the correct values for each of the (YELLOW) Cells.
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Answer #1

Current assets = Cash + Accounts receivable + Inventory

Current assets = $23450 + $75250 + $295000 = $393700

Total assets = Current assets + Net property plant & equipment

Total assets = $393700 + $322500

Total assets = $716200

Current liabilities = Accounts payable + Short term debt + Accrued expenses

Current liabilities = $48250 + $22000 + $18750

Current liabilities = $89000

Total liabilities = Current liabilities + Long term debt

Total liabilities = $89000 + $365000

Total liabilities = $454000

Total equity = Common stock + Retained earnings

Total equity = $100000 + $162200

Total equity = $262200

Total liabilities & equity = Total liabilities + Total equity

Total liabilities & equity = $454000 + $262000

Total liabilities & equity = $716200

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