Prepare the balance sheet of the real estate business of Michael Hunter Realtor, Inc., at October...

  

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Prepare the balance sheet of the real estate business of Michael Hunter Realtor, Inc., at October 31, 2019. (Do not classify the balance sheet into current and long-term sections. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If a box is not used in the balance sheet leave the box empty; do not select a label or enter a zero.) (1) Cash (2) Furniture (3) Franchise (4) Office supplies (5) Land (6) Retained earnings (7) Accounts payable Total assets (8) (9) (10) Assets (16) (17) (18) (19) (20) Liabilities Stockholders' Equity Michael Hunter Realtor, Inc. Balance Sheet October 31, 2019 (11) (12) (13) Total liabilities and stockholders' equity Requirement 2. Does it appear that the realty business can pay its debts? How can you tell? $95,000 $11,100 $17,000 $1000 $151,000 The business (14). pay its debt, as assets are (15). liabilities. Requirement 3. Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) 9. Personal financial information of Michael Hunter 1: More Infor a. Hunter has $22,000 in his personal bank account and $51,000 in the business bank account. b. Hunter owes $8,600 on a personal charge account at a local department store. C. Hunter acquired business furniture for $11,100 on October 24. Of this amount, the business owes $6,000 on accounts payable at October 31. d. Office supplies on hand at the real estate office total $1,000. e. Hunter's business owes $140,000 on a note payable for some land acquired for a total price of $151,000. f. Hunter's business spent $17,000 for a Realty Region franchise, which entitles him to represent himself as an agent. Realty Region is a national affiliation of independent real estate agents. This franchise is a business asset. Hunter owes $169,000 on a personal mortgage on his personal residence, which he acquired in 2014 for a total price of $380,000. Prepare the balance sheet of the real estate business of Michael Hunter Realtor, Inc., at October 31, 2019. (Do not classify the balance sheet into current and long-term sections. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If a box is not used in the balance sheet leave the box empty; do not select a label or enter a zero.) (1) Cash (2) Furniture (3) Franchise (4) Office supplies (5) Land (6) Retained earnings (7) Accounts payable Total assets (8) (9) (10) Assets (16) (17) (18) (19) (20) Liabilities Stockholders' Equity Michael Hunter Realtor, Inc. Balance Sheet October 31, 2019 (11) (12) (13) Total liabilities and stockholders' equity Requirement 2. Does it appear that the realty business can pay its debts? How can you tell? $95,000 $11,100 $17,000 $1000 $151,000 The business (14). pay its debt, as assets are (15). liabilities. Requirement 3. Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) 9. Personal financial information of Michael Hunter 1: More Infor a. Hunter has $22,000 in his personal bank account and $51,000 in the business bank account. b. Hunter owes $8,600 on a personal charge account at a local department store. C. Hunter acquired business furniture for $11,100 on October 24. Of this amount, the business owes $6,000 on accounts payable at October 31. d. Office supplies on hand at the real estate office total $1,000. e. Hunter's business owes $140,000 on a note payable for some land acquired for a total price of $151,000. f. Hunter's business spent $17,000 for a Realty Region franchise, which entitles him to represent himself as an agent. Realty Region is a national affiliation of independent real estate agents. This franchise is a business asset. Hunter owes $169,000 on a personal mortgage on his personal residence, which he acquired in 2014 for a total price of $380,000.

Answer rating: 100% (QA)

Requirement 1 Michael Hunter Realtor Inc Balance Sheet October 31 2019 Assets Cash 51000 Furniture 1... View the full answer