Question: Make a Balance Sheet for The Year Ended on April 20th, 2023 Cash 14,651 Inventory 56,808 Sales 106,555 COGS (Includes Wages & Materials 53,277 Taxes
Make a Balance Sheet for The Year Ended on April 20th, 2023
| Cash | 14,651 |
| Inventory | 56,808 |
| Sales | 106,555 |
| COGS (Includes Wages & Materials | 53,277 |
| Taxes | 20% of EBIT |
| Supplies (50% used this period) | 400 |
| Accounts Receivable | 26,983 |
| Building Owned - Obtained 4/3/2023; Expected Life (Depreciation period) 10 years | 500,000 |
| Mortgage (10 years, 6% Interest) | 250,000 |
| Land | 200,000 |
| Manitenance Expense | 1,000 |
| Depreciation (current period) | 5,833 |
| Machinery & Equipment (Depreciable Life 5 years original Loan amount 70,000 @ 8% for 5 years) | 100,000 |
| Truck (fully depreciated and paid off) | 10,000 |
| Loan Payment Expense for Equipment- Separate from Mortgage payment | ? |
| Interest portion of Equipment Loan | 500 |
| Fuel Expense | 600 |
| Operation Expense (Other) | 5,000 |
| Utilities | 1,000 |
| Insurance | 2,500 |
| Advertising | 5,000 |
| Accumulated Depreciation | 33,333 |
| Intangible Assets | 15,000 |
| Accounts Payable | 28,765 |
| Short Term Securities | 10,000 |
| Long term loans payable (Incl. Mortgage) | 306,000 |
| Owners Equity | ????? |
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
