rn With below information provide, construct a balance sheet statement 1) Ben Nice Shoe Company has Dec
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With below information provide, construct a balance sheet statement 1) Ben Nice Shoe Company has Dec 31 2019 year end 2) The ending balance of the cash value in 2019 was $16,030 3) In 2018 the account receivable ending balance was $20,354. The industry average for no collectible rate is 2%. The total sale revenue for the company in 2019 was $160,791 which included $155,695 cash sale. 4) The company paid $4,500 for building insurance policy to cover period May 1 2019 - April 30 2020. 5) In 2019, the company purchased real estate (land and buidling) for $179,500 with the land value $45,000. 6) The building has useful 50 years. The company use straight line depreciation method. 7) There was no unpaid balance from 2018, but Ben company purchased some supplies for $10,000 and paid $1,200 in cash in 2019. 8) In Dec 30 2019, a customer paid $2000 to Ben shoe company and ask Ben to make her nice shoe. The shoe finished and deliver to customer on Jan 30 2020. 9) The company borrowed $100,000 from TD bank for a 25 years mortgage. The up coming year payment will be $1600 which included the interest portion of $1355. 10) The company has $8481 net income at the end of 2019 with no prior retained earning balance. With below information provide, construct a balance sheet statement 1) Ben Nice Shoe Company has Dec 31 2019 year end 2) The ending balance of the cash value in 2019 was $16,030 3) In 2018 the account receivable ending balance was $20,354. The industry average for no collectible rate is 2%. The total sale revenue for the company in 2019 was $160,791 which included $155,695 cash sale. 4) The company paid $4,500 for building insurance policy to cover period May 1 2019 - April 30 2020. 5) In 2019, the company purchased real estate (land and buidling) for $179,500 with the land value $45,000. 6) The building has useful 50 years. The company use straight line depreciation method. 7) There was no unpaid balance from 2018, but Ben company purchased some supplies for $10,000 and paid $1,200 in cash in 2019. 8) In Dec 30 2019, a customer paid $2000 to Ben shoe company and ask Ben to make her nice shoe. The shoe finished and deliver to customer on Jan 30 2020. 9) The company borrowed $100,000 from TD bank for a 25 years mortgage. The up coming year payment will be $1600 which included the interest portion of $1355. 10) The company has $8481 net income at the end of 2019 with no prior retained earning balance.
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Here are the stepbystep workings to construct the balance sheet for Ben Nice Shoe Company as of December 31 2019 1 Assets Cash The ending balance of c... View the full answer
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-0077861629
8th edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus
Posted Date:
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