Question: Prepare a classified Balance Sheet, dated 12-31-18, for these 3 situations: Situation 1 12-31-18 Assets: . 83,000 Accounts Rec.. Inventory189,000 Equipment, Net of Accum. Depr...01,000
Prepare a classified Balance Sheet, dated 12-31-18, for these 3 situations: Situation 1 12-31-18 Assets: . 83,000 Accounts Rec.. Inventory189,000 Equipment, Net of Accum. Depr...01,000 .274,000 12-31-18 Liabilities: Accounts Pay.55,000 Short-Term Notes Payable Long-Term Notes Payable.271,000 12-31-18 Equity: Business is named Happy Productions and is owned solely by Harry Happy (You will have to determine the equity amount) Situation 2 Business is named Aztec Partners and is owned by Judy Smith and Al Topp Assets and Liabilities are the same as situation 1. Equity- Capital as of 1-1-18: Al Capital Contributed in 2018: 325,000 184,000 Judy Capital Contributed in 2018: Judy.... - Al Drawings ,2018: 53,500 83,200 Al Share of Profits, every year: Judy Al 0.2 Situation3 Business is a corporation named Aztec, Inc. Assets and Liabilities are the same as situation 1. Equity- Paid in Capital(Common Stock) as of 12-31-18 is 384,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
