C Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2:
Question:
C Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2:
Balance Sheet Items | 12/31/20X2 | 12/31/20X1 |
Accounts Payable to Suppliers | $29,000 | $ 27,000 |
Accounts Receivable from Customers | $29,000 | $ 24,000 |
Bonds Payable | $19,460 | $19,460 |
Buildings (net of depreciation) | $11,000 | $12,000 |
Cash | $7,000 | $3,000 |
Land | $19,460 | $19,460 |
Equipment (net of depreciation) | $23,000 | $17,000 |
Income Taxes Payable | $7,000 | $5,000 |
Common Stock | $9,000 | $6,000 |
Merchandise Inventory | $8,585 | $ 8,000 |
Retained Earnings | $25,000 | $25,000 |
Salaries Payable | $8,585 | $1,000 |
Required 1: AC's Current assets as of 12/31/20X2 must have been: $_______?
Required 2: AC's Non Current Assets as of 12/31/20X2 must have been: $_______?
Required 3: AC's Total Assets as of 12/31/20X2 must have been: $_______?
Required 4: AC's Current Liabilities as of 12/31/20X2 must have been: $_______?
Required 5: AC's Non Current liabilities as of 12/31/20X2 must have been: $___________?
Required 6: AC's Total Liabilities as of 12/31/20X2 must have been: $________?
Required 7: AC's Owner's Equity as of 12/31/20X2 must have been: $_________?
Required 8: AC's Total Liabilities and Owner's Equity as of 12/31/20X2 must have been:_______?
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello