1 question - multiple parts

Question 1: What was the net income or net loss for the period? The following information is taken from the balance sheet columns of the work sheet for Michaels Company dated 12/31/02. It is for a one year period. There were no investments by the owner during the period. The note payable is due in six years. CR DR 7,500 17,200 800 2,000 24,600 Your Answers (money) 4,300 Cash Accounts Receivable Supplies Prepaid Insurance Office Furniture A/D-Office Furniture Patent Unearned Revenue Accounts Payable Note Payable Michaels, Capital Michaels, Drawings 16,000 1,600 2,200 25,000 13,000 6,700 SUBMIT 13 14 Question 2: Was it a net profit or a net loss? (Answer "p" for profit or "L" for loss) The following information is taken from the balance sheet columns of the work sheet for Michaels Company dated 12/31/02. It is for a one year period. There were no investments by the owner during the period. The note payable is due in six years. CR Your Answers DR 7,500 17,200 800 2,000 24,600 (letter) 4,300 Cash Accounts Receivable Supplies Prepaid Insurance Office Furniture A/D-Office Furniture Patent Unearned Revenue Accounts Payable Note Payable Michaels, Capital Michaels, Drawings 16,000 1,600 2,200 25,000 13,000 6,700 SUBMIT Question 3! What is the book value of the office furniture? The following information is taken from the balance sheet columns of the work sheet for Michaels Company dated 12/31/02. It is for a one year period. There were no investments by the owner during the period. The note payable is due in six years. CR Your Answers 7,500 17,200 800 2,000 24,600 (money) Cash Accounts Receivable Supplies Prepaid Insurance Office Furniture A/D-Office Furniture Patent Unearned Revenue Accounts Payable Note Payable Michaels, Capital Michaels, Drawings 4,300 16,000 1,600 2,200 25,000 13,000 6,700 SUBMIT Question 4: On a classified balance sheet, what are the total current assets? The following information is taken from the balance sheet columns of the work sheet for Michaels Company dated 12/31/02. It is for a one year period. There were no investments by the owner during the period. The note payable is due in six years. DR CR Your Answers 7,500 17,200 800 2,000 24,600 (money) 4,300 Cash Accounts Receivable Supplies Prepaid Insurance Office Furniture A/D-Office Furniture Patent Unearned Revenue Accounts Payable Note Payable Michaels, Capital Michaels, Drawings 16,000 1,600 2,200 25,000 13,000 6,700 SUBMIT Question 5: What are the total current liabilities? The following information is taken from the balance sheet columns of the work sheet for Michaels Company dated 12/31/02. It is for a one year period. There were no investments by the owner during the period. The note payable is due in six years. CR Your Answers DR 7,500 17,200 800 2,000 24,600 (money) 4,300 Cash Accounts Receivable Supplies Prepaid Insurance Office Furniture A/D-Office Furniture Patent Unearned Revenue Accounts Payable Note Payable Michaels, Capital Michaels, Drawings 16,000 1,600 2,200 25,000 13,000 6,700 SUBMIT How much is the working capital? The following information is taken from the balance sheet columns of the work sheet for Michaels Company dated 12/31/02. It is for a one year period. There were no investments by the owner during the period. The note payable is due in six years. DR 7,500 17,200 800 2,000 24,600 Your Answers (money) 4,300 Cash Accounts Receivable Supplies Prepaid Insurance Office Furniture A/D-Office Furniture Patent Unearned Revenue Accounts Payable Note Payable Michaels, Capital Michaels, Drawings 16,000 1,600 2,200 25,000 13,000 6,700 SUBMIT What is the ending Michaels, Capital? The following information is taken from the balance sheet columns of the work sheet for Michaels Company dated 12/31/02. It is for a one year period. There were no investments by the owner during the period. The note payable is due in six years. CR Your Answers 7,500 17,200 800 2,000 24,600 (money) 4,300 Cash Accounts Receivable Supplies Prepaid Insurance Office Furniture A/D-Office Furniture Patent Unearned Revenue Accounts Payable Note Payable Michaels, Capital Michaels, Drawings 16,000 1,600 2,200 25,000 13,000 6,700 SUBMIT Question 8: What are the total intangible assets? The following information is taken from the balance sheet columns of the work sheet for Michaels company dated 12/31/02. It is for a one Jear period. There were no investments by the owner during the period. The note payable is due in six years. DR 7,500 17,200 800 2,000 24,600 Your Answers (money) 4,300 Cash Accounts Receivable Supplies Prepaid Insurance Office Furniture A/D-Office Furniture Patent Unearned Revenue Accounts Payable Note Payable Michaels, Capital Michaels, Drawings 16,000 1,600 2,200 25,000 13,000 6,700 SUBMIT