Please create a balance sheet. Use the information below to construct the Dec. 3

Question

Please create a balance sheet.

Use the information below to construct the Dec. 31, 2016 Balance Sheet and deferred tax and valuation equity worksheets. Note: Not all items will be used all balances are as of 12/31/16, unless otherwise stated a. Cash on hand and in checking account b. Market value of all equipment c. 2015 Income taxes paid in 2016 d. Cash operating expenses paid in 2016 e. Principal portion of 15-year loan due in 2017 f. Principal paid on 15-year loan during 2016 g. Inventories: Supplies h. Insurance premiums for 2017 paid in Dec. 2016 i Investment in local brewery made in 2006 for $50,000, 35,000 250,000 32,000 518,000 13,000 12,000 5,000 20,500 estimated market value of 65,000 as of 12/31/16 j. Change in accounts payable during 2016 k. Inventories: Completed goods 1. Principal balance on operating (short-term) loan m. Accrued interest on 15-year note n. Accrued interest on operating (short-term) loan o. Rent for January 2017, paid in Dec. 2016 p. Accumulated depreciation on equipment 1,500 16,000 10,000 8,600 900 4,500 50,000 21,000 g. Accrued income, social security, and payroll taxes 4,000

Explanation / Answer

Balance Sheet as on 31/Dec/2016.

so as per above we get profit as 94700/- i,e., Total Earning/Revenue as we get is 665200/-(by adding all expenses like Income tax paid, Cash operating Expenses, Loan payment,Rent, Licence Fee etc.)

Laibilites Amount Assets Amount Capital 100000 Cash on Hand and in checking Accounts 35000 Loan(Short term Loan) 10000 Equipments @ Cost (310000-50000) 260000 Accrued Interest on Short term loan 900 Prepaid Insurance 20500 Loan(Long term Loan) 13000 Investment in Local brawery valued @ cost as per AS-13 50000 Loan(Loog term Loan) 223000 Inventories(5000+16000) 21000 Accounts Payable 8000 Accrued Interest on 15 year note 8600 Change in accounts payable 1500 Accrued Income, Social securities and payroll taxes 21000 Net Profit (Balancing Figure) 94700 Investment in Mutal Funds valued @ cost as per AS-13 35000 Total 451100 Total 451100

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