Question

Use the following information on end of year account balances (as of December 31, 2015) for...

Use the following information on end of year account balances (as of December 31, 2015) for Warren Clinic to construct its balance sheet, keeping in mind the accounting identity (assets = liabilities + equity):

Accounts Payable $20,000

Accounts Receivables (net) $60,000

Cash $30,000 Equity $230,000

Long-term debt $120,000

Long-term investments $100,000

Net property and equipment $150,000

Other assets $40,000

Other long-term liabilities $10,000

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The balance sheet is constructed as shown below:

Liabilities and Equity   Amount ($) Assets Amount ($)
Equity 230,000 Accounts Receivables (net) 60,000
Accounts Payable 20,000 Cash 30,000
Long-term debt 120,000 Long term investments 100,000
Other long-term liabilities 10,000 Net property and equipment 150,000
Other assets 40,000
Total Liabilities and Equity 380,000 Total Assets 380,000

Feel free to ask in case of any query relating to this question

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Financial Analysis Questions Balance Sheet Health Valley Company Years ending December 31, 2001 and 2002 2001...
Financial Analysis Questions Balance Sheet Health Valley Company Years ending December 31, 2001 and 2002 2001 2002 Cash $ 20,000 $ 12,000 Accounts receivable 40,000 48,000 Inventory 60,000 50,000 Total current assets $120,000 $110,000 Gross fixed assets $400,000 $450,000 (Accumulated depreciation) (120,000) (150,000) Net fixed assets $280,000 $300,000 Total assets $400,000 $410,000 Notes payable 5,000 10,000 Accounts payable to suppliers 25,000 30,000 Accruals 10,000 5,000 Total current liabilities 40,000 45,000 Long-term debt 100,000 140,000 Common stock ($2.00 par value) 60,000...
At December 31, 2015, the trading securities for Storrer, Inc. are as follows. Security Cost Fair...
At December 31, 2015, the trading securities for Storrer, Inc. are as follows. Security Cost Fair Value A $17,400 $16,200 B 12,300 13,800 C 23,500 19,200 $53,200 $49,200 Prepare the adjusting entry at December 31, 2015, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation...
The Blue Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable...
The Blue Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable $60,000 Inventory $480,000 Long-term notes receivable $20,000 Equipment $960,000 Factory Building $1,800,000 Intangible assets $60,000 Accounts payable $300,000 Accrued liabilities payable $40,000 Short-term notes payable $95,000 Income taxes payable $55,000 Long-term notes payable $920,000 Stockholders’ equity $2,400,000 What is Blue's current ratio?
A company has the following balances at December 31, 2019: Accounts payable 60,000 Accounts receivable 52,500...
A company has the following balances at December 31, 2019: Accounts payable 60,000 Accounts receivable 52,500 Cash 80,000 Common stock 200,000 Equipment 96,000 Equity investments 76,300 Inventory 57,000 Long-term liabilities 100,000 Patents 32,000 Retained earnings 17,000 Salaries payable 15,000 Unearned revenue 1,500 Additional information: The cash balance includes $20,000 cash restricted for future plant expansion. Allowance for doubtful accounts is $3,800. Accumulated depreciation on equipment is $40,000. The long-term liabilities balance includes $12,000 due in 2020. Format guidance: Enter whole...
Balance sheet December 31 Assets 2007 2006 Cash $25,000 $40,000 Short term investments 15,000 60,000 Accounts...
Balance sheet December 31 Assets 2007 2006 Cash $25,000 $40,000 Short term investments 15,000 60,000 Accounts receivable 50,000 30,000 Inventory 50,000 70,000 Property, plant and equipment (net) 160,000 200,000 Total assets $300,000 $400,000 Liabilities and stockholders equity    Accounts payable $20,000 $30,000 Short term notes payable 40,000 90,000 Bonds payable 80,000 160,000 Common stock 60,000 45,000 Retained earnings 100,000 75,000 Total liabilities and stockholders equity $300,000 $400,000 Income statement (for the year ended December 31, 2007) Net sales $360,000 Cost...
Luther Corporation Consolidated Balance Sheet December 31, 2016 and 2015 (in $ millions) Assets 2016 2015...
Luther Corporation Consolidated Balance Sheet December 31, 2016 and 2015 (in $ millions) Assets 2016 2015 Liabilities and Stockholders' Equity 2016 2015 Current Assets Current Liabilities Cash 63.6 58.5 Accounts payable 87.6 73.5 Accounts receivable 55.5 39.6 Notes payable/ short-term debt 10.5 9.6 Inventories 45.9 42.9 Current maturities of long-term debt 39.9 36.9 Other current assets 6.0 3.0 Other current liabilities 6.0 12.0 Total current assets 171.0 144.0 Total current liabilities 144.0 132.0 Long-Term Assets Long-Term Liabilities Land 66.6 62.1...
Balance sheet December 31 Assets 2007 2006 Cash $25,000 $40,000 Short term investments 15,000 60,000 Accounts...
Balance sheet December 31 Assets 2007 2006 Cash $25,000 $40,000 Short term investments 15,000 60,000 Accounts receivable 50,000 30,000 Inventory 50,000 70,000 Property, plant and equipment (net) 160,000 200,000 Total assets $300,000 $400,000 Liabilities and stockholders equity    Accounts payable $20,000 $30,000 Short term notes payable 40,000 90,000 Bonds payable 80,000 160,000 Common stock 60,000 45,000 Retained earnings 100,000 75,000 Total liabilities and stockholders equity $300,000 $400,000 Income statement (for the year ended December 31, 2007) Net sales $360,000 Cost...
Balance sheet. Construct the Barron​ Pizza, Inc. balance sheet statement for December​ 31, 2015, with the...
Balance sheet. Construct the Barron​ Pizza, Inc. balance sheet statement for December​ 31, 2015, with the following​ information. Complete the balance sheet​ below:  ​(Round to the nearest thousand​ dollars.) Retained​ earnings:$43,597 Accounts​ payable:$74,534 Accounts​ receivable:$34,716 Common​ stock:$119,927 ​Cash:$8,222 ​Short-term debt:$192 ​Inventory:$23,496 ​Goodwill:$48,326 ​Long-term debt:$80,198 Other noncurrent​ liabilities:$42,457 Net​ plant, property, and​ equipment:$192,327 Other noncurrent​ assets:$16,839 ​Long-term investments:$22,287 Other current​ assets:$14,692 Barron Pizza, Inc. Balance Sheet as of December 31, 2015 ($ in thousands) ASSETS LIABILITIES Current Assets Current liabilities Answer...
14. Use the information below for Privett Company to answer the question that follow. Privett Company...
14. Use the information below for Privett Company to answer the question that follow. Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of quick assets? a. $168,000 b. $60,000 c. $96,000 d. $61,000
Managerial Accounting Question: Using the account balances and heading listed below, complete the Financial Statements (with...
Managerial Accounting Question: Using the account balances and heading listed below, complete the Financial Statements (with proper headings) for the fiscal year ended December 31, 2017 for Mitchell Company Account Name Amount Account Name Amount Accounts Payable $40,000 Machinery (net) 12,000 Accounts Receivable (net) 25,000 Marketable Securities 5,000 Accrued Liabilities 5,000 Mortgage Payable 45,000 Administration Expense 17,000 Net Sales 100,000 Bonds Payable 20,000 Notes Payable - Long Term 13,000 Buildings (net) 32,000 Notes Receivable 2,000 Cash 70,000 Other Expense (interest)...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT