FILL IN MISSING AMOUNTS ASSETS Cash $10,000 Accounts receivable 100,000 Inventor

Question

FILL IN MISSING AMOUNTS ASSETS Cash $10,000 Accounts receivable 100,000 Inventory ----------- Total current assets 220,000 Gross plant and equipment 500,000 Less: accumulated depreciation ----------- Net plant and equipment 375,000 Total assets ----------- LIABILITIES ACCOUNTS PAYABLE $12,000 NOTES PAYABLE $50,000 TOTAL CURRENT LIABILITIES ----------------------------- LONG-TERM DEBT ---------------------------- TOTAL LIABILITIES $190,000 COMMON STOCK ($1 PAR, 1000,000 SHARES) ---------------------------- PAID - IN CAPITAL --------------------------- RETAINED EARNINGS $150,000 TOTAL STOCKHOLDERS EQUITY ------------------------------ TOTAL LIABILITIES AND EQUITY -------------------------------

Explanation / Answer

Use your knowledge of balance sheets to fill in the missing amounts: ASSETS Cash $10,000 Accounts receivable 100,000 Inventory $110,000 Total current assets 220,000 Gross plant and equipment 500,000 Less: accumulated depreciation $125,000 Net plant and equipment 375,000 Total assets $595,000 LIABILITIES Accounts payable $12,000 Notes payable 50,000 Total current liabilities $62,000 Long-term debt $128,000 Total liabilities 190,000 Common stock ($1 par, 100,000 shares) $100,000 Paid-in capital $155,000 Retained earnings 150,000 Total stockholders’ equity $405,000 Total liabilities and equity $595,000 3. Use your knowledge of balance sheets to fill in the missing amounts: ASSETS Cash $50,000 Accounts receivable 80,000 Inventory 100,000 Total current assets $230,000 Gross plant and equipment $730,000 Less: accumulated depreciation 130,000 Net plant and equipment 600,000 Total assets $830,000 LIABILITIES Accounts payable $12,000 Notes payable 50,000 Total current liabilities $72,000 Long-term debt $146,000 Total liabilities $280,000 Common stock ($1 par, 100,000 shares) $100,000 Paid-in capital 250,000 Retained earnings 200,000 Total stockholders’ equity $550,000 Total liabilities and equity $830,000 4. Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts: ASSETS Cash $25,000 3.4% Accounts receivable $125,000 17.0% Inventory 200,000 27.1% Total current assets $350,000 47.5% Gross plant and equipment $700,000 95.0% Less: accumulated depreciation $313,000 42.5% Net plant and equipment $387,000 52.5% Total assets $737,000 100.0% LIABILITIES Accounts payable $116,000 15.7% Notes payable $29,000 3.9% Total current liabilities $145.000 19.7% Long-term debt $248,000 33.6% Total liabilities $393,000 53.3% Common stock ($.01 par,450,000 shares) $4,500 0.6% Paid-in capital $220,500 29.9% Retained earnings $119,000 16.1% Total stockholders’ equity $344,000 46.7% Total liabilities and equity $737,000 100.0%

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