Question

Given the following information for Smashville, Inc., construct a balance sheet: Current liabilities: $ 24,000 Cash:...

Given the following information for Smashville, Inc., construct a balance sheet:

Current liabilities: $ 24,000
Cash: $ 21,000
Long-term debt: $ 102,000
Other assets: $ 40,000
Fixed assets: $ 125,000
Other liabilities: $ 15,000
Investments: $ 36,000
Operating assets: $ 64,000
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Answer #1

Solution:

Assets Amount Liablities Amount($)
Current Assets Current liablities
Cash 21,000 Current liablities 24,000
Operating Assets 64,000 Total Current liablities 24,000
Total Current Assets 85,000 Long term liablities
Investments 36,000 Long term debt 102,000
Property,plant & equipment Total long term liablities 102,000
Fixed Assets 125,000 Other liablities 15,000
Property,plant & equipment(Net) 125,000 Stockholders' Equity(Balancing Figure) 145,000
Other Assets 40,000
Total Assets 286,000 Total Liablities and Shareholder's Equity 286,000
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