What is the balance sheet for this data below? Stonewall Company went into busin
ID: 2448864 • Letter: W
Question
What is the balance sheet for this data below?
Stonewall Company went into business on July 1.2012. During 2012. Stonewall had the following transactions: July 1 - Issued lac shares of stock to stockholders for a total of $10,000 in cash. July 1 - Borrowed $12,000 from the bank. Churchill will pay nothing until July 1,2014, and then the company will pay $14,000. Sept 1 - Bought land for 8.000 in cash. Oct 1 - Bought equipment for $9,000 in cash. The equipment has an expected useful life of three years and no salvage value. Oct 12 - Bought inventory for S&UU0.; one-half in cash and one-half on account. Nov. 1 - Paid $1,800 for six months of insurance. Nov. 18 - Sold $2.500 of inventory for $6.000 in cash. Nov. 25 - Sold one-half of land for $4,500 in cash. Nov. 30 - Paid accounts payable. Dec. 1 - Received $1.000 for work that wit be done in January. 2013. Dec. 16 - Sold $1,000 of inventory for $2.000 on account Dec. 31 - Paid a dividend of $2.000 in cash.Explanation / Answer
[Stonewall Company] Balance Sheet Date: 31.12.2012 Assets 2012 2011 Current Assets Cash 8,700 Accounts receivable Inventory 2,500 Prepaid expenses 900 Short-term investments Total current assets 12,100 - Fixed (Long-Term) Assets Long-term investments Property, plant, and equipment 13,000 (Less accumulated depreciation) (750) Intangible assets Total fixed assets 12,250 - Other Assets Deferred income tax Other Total Other Assets - - Total Assets 24,350 - Liabilities and Owner's Equity Current Liabilities Accounts payable Interest payable 500 Short-term loans Income taxes payable Accrued salaries and wages Unearned revenue 1,000 Current portion of long-term debt Total current liabilities 1,500 - Long-Term Liabilities Long-term debt 12,000 Deferred income tax Other Total long-term liabilities 12,000 - Owner's Equity Owner's investment 10,000 Retained earnings 850 Other Total owner's equity 10,850 - Total Liabilities and Owner's Equity 24,350 - {42}
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