Below is the trial balance of Manhattan Realtors Inc. for the period ended 12/31
ID: 2558666 • Letter: B
Question
Below is the trial balance of Manhattan Realtors Inc. for the period ended 12/31/16.
Cash
5,030,000
Rent Receivable
150,000
Prepaid Expense
250,000
Prepaid Insurance
565,000
Building
15,525,000
Unearned Revenue
(526,000)
Accounts Payable
(246,000)
Accrued Expenses
(200,000)
Additional Paid-in Capital
(14,000,000)
Retained Earnings
(3,925,000)
Rental Revenue
(5,000,000)
Salaries
1,152,000
Utilities Expenses
300,000
Property Taxes
425,000
Depreciations
350,000
Other Expenses
150,000
Prepare the Balance Sheet based on the above information. (10 points)
What is the company’s total current asset? (10 points)
What is the company’s total current liabilities? (10 points)
What is the total shareholders’ equity? (10 points)
Cash
5,030,000
Rent Receivable
150,000
Prepaid Expense
250,000
Prepaid Insurance
565,000
Building
15,525,000
Unearned Revenue
(526,000)
Accounts Payable
(246,000)
Accrued Expenses
(200,000)
Additional Paid-in Capital
(14,000,000)
Retained Earnings
(3,925,000)
Rental Revenue
(5,000,000)
Salaries
1,152,000
Utilities Expenses
300,000
Property Taxes
425,000
Depreciations
350,000
Other Expenses
150,000
Prepare the Balance Sheet based on the above information. (10 points)
What is the company’s total current asset? (10 points)
What is the company’s total current liabilities? (10 points)
What is the total shareholders’ equity? (10 points)
Explanation / Answer
Prepare the Balance Sheet based on the above information.
Total current assets = 5995000
Total current liabilities = 972000
Total stockholder's equity = 20548000
Assets Amount Liabilities and stockholder's equity Amount Current assets Current liabilities Cash 5030000 Account payable 246000 Rent receivable 150000 Accured expense 200000 Prepaid expense 250000 Unearned revenue 526000 Prepaid insurance 565000 Total current liabilities 972000 Long term liabilities Total current assets 5995000 Total liabilities 972000 Non current assets Stockholder's equity Building 15525000 Common stock 14000000 Retained earnings 6548000 Total stockholder's equity 20548000 Total Assets 21520000 Total liabilities and stockholder's equity 21520000Related Questions
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