Chpt. 13 PP-2: Prepare a classified Balance Sheet, dated 12-31-14, for these 3 s
ID: 2500492 • Letter: C
Question
Chpt. 13 PP-2:
Prepare a classified Balance Sheet, dated 12-31-14, for these 3 situations:
Situation 1
12-31-14 Assets:
Cash ……………………………….
181,200
Accounts Rec. ………………...…..……
274,000
Inventory ………………...……………….
189,000
Equipment, Net of Accum. Depr. ……..
473,500
12-31-14 Liabilities:
Accounts Pay. ………………...…..……
55,000
Short-Term Notes Payable …...…..……
95,200
Long-Term Notes Payable …...…..… …
184,000
12-31-14 Equity:
Business is named Happy Productions and is owned solely by Harry Happy.
(You will have to determine the equity amount)
Situation 2
Business is named Aztec Partners and is owned by Judy Smith and Al Topp
Assets and Liabs. are the same as situation 1.
Equity-
Capital as of 1-1-14:
Judy ……………………………………….
189,000
Al, ………………………………………..
225,000
Capital Contributed in 2014:
Judy ……………………………………..
-
Al …………………………………………
-
Drawings ,2014:
Judy …………………………………….
62,400
Al ………………………………………..
93,100
Share of Profits , every year:
Judy ……………………………………
0.25
Al ……………………………………..
0.75
Situation 3
Business is a corporation named Aztec, Inc.
Assets and Liabs. are the same as situation 1.
Equity-
Paid in Capital(Common Stock) as of 12-31-14 is ……………….
384,000
Chpt. 13 PP-2:
Prepare a classified Balance Sheet, dated 12-31-14, for these 3 situations:
Situation 1
12-31-14 Assets:
Cash ……………………………….
181,200
Accounts Rec. ………………...…..……
274,000
Inventory ………………...……………….
189,000
Equipment, Net of Accum. Depr. ……..
473,500
12-31-14 Liabilities:
Accounts Pay. ………………...…..……
55,000
Short-Term Notes Payable …...…..……
95,200
Long-Term Notes Payable …...…..… …
184,000
12-31-14 Equity:
Business is named Happy Productions and is owned solely by Harry Happy.
(You will have to determine the equity amount)
Situation 2
Business is named Aztec Partners and is owned by Judy Smith and Al Topp
Assets and Liabs. are the same as situation 1.
Equity-
Capital as of 1-1-14:
Judy ……………………………………….
189,000
Al, ………………………………………..
225,000
Capital Contributed in 2014:
Judy ……………………………………..
-
Al …………………………………………
-
Drawings ,2014:
Judy …………………………………….
62,400
Al ………………………………………..
93,100
Share of Profits , every year:
Judy ……………………………………
0.25
Al ……………………………………..
0.75
Situation 3
Business is a corporation named Aztec, Inc.
Assets and Liabs. are the same as situation 1.
Equity-
Paid in Capital(Common Stock) as of 12-31-14 is ……………….
384,000
Explanation / Answer
Situation 1: Happy Productions
Balance Sheet as on December 31 2014
Situation 2 AZTEC PARTNERS
Balance Sheet as on December 31 2014
Situation 3: AZTEC INC.
Balance Sheet as on December 31 2014
ASSETS $ LIABILITIES AND EQUITY $ Current Assets Current Liabilities Cash 181,200 Accounts Payable 55,000 Accounts Receivable 274,000 Short term notes payable 95,200 Inventory 189,000 Non current liabilities Non current assets Long term notes payable 184,000 Equipments net of accumulated depreciation 473,500 Equity 783,500 1,117,700 1,117,700Related Questions
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