Presented below are the balances, listed in alphabetical order, of Samantha Comp
ID: 2813184 • Letter: P
Question
Presented below are the balances, listed in alphabetical order, of Samantha Company, at December 1, 2013:
Accounts Payable 8,100
Accounts Receivable 4,000
Cash 7,300
Land 15,300
Long-term Debt Payable 20,700
Machinery 31,600
Merchandise Inventory 12,200
Note Payable 2,200
Paid-in Capital 39,400
Below are the transactions for Samantha Company for the month of December 2013:
a. Sold inventory to a friend at cost, which was $800. The friend paid in cash.
b. Borrowed an additional $1,300 in notes payable.
c. Collected $1,900 from credit customers.
d. Paid $2,600 of the amount owed on account Prepare a balance sheet as of December 31, 2013, considering the beginning balances and incorporating the effects of the December 2013 transactions.
Prepare a balance sheet as of December 31, 2013, considering the beginning balances and incorporating the effects of the December 2013 transactions.
Explanation / Answer
Samantha Company
Balance Sheet
As on December 31, 2013
ASSETS;
$
$
Current Assets:
Cash ($7300 + $800 + $1300 + $1900 - $2600)
$8700
Accounts receivable ($4000 - $1900)
$2100
Merchandise inventory ($12200 - $800)
$11400
Total current assets
$22200
Non-current Assets:
Land
$15300
Machinery
$31600
Total non-current assets
$46900
Total assets
$69100
LIABILITIES
Current Liabilities;
Accounts payable ($8100 - $2600)
$5500
Total current liabilities
$5500
Non-current liabilities;
Long-term debt payable
$20700
Note payable ($2200 + $1300)
$3500
Total non-current liabilities
$24200
Total liabilities
$29700
Stockholders’ Equity;
Paid-in capital
$39400
Total stockholders’ equity
$39400
Total liabilities and stockholders’ equity
$69100
Samantha Company
Balance Sheet
As on December 31, 2013
ASSETS;
$
$
Current Assets:
Cash ($7300 + $800 + $1300 + $1900 - $2600)
$8700
Accounts receivable ($4000 - $1900)
$2100
Merchandise inventory ($12200 - $800)
$11400
Total current assets
$22200
Non-current Assets:
Land
$15300
Machinery
$31600
Total non-current assets
$46900
Total assets
$69100
LIABILITIES
Current Liabilities;
Accounts payable ($8100 - $2600)
$5500
Total current liabilities
$5500
Non-current liabilities;
Long-term debt payable
$20700
Note payable ($2200 + $1300)
$3500
Total non-current liabilities
$24200
Total liabilities
$29700
Stockholders’ Equity;
Paid-in capital
$39400
Total stockholders’ equity
$39400
Total liabilities and stockholders’ equity
$69100
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