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Title: Kindly answer this...about BALANCE SHEET? Post by: Gurl on July 22, 2011, 08:02:19 AM 1) At the start of the year 2010 of XYZ Corporation reflects the ff. account balances:
Cash= 11 910 Accounts Receivable= 24 450 Inventory= 54 390 Fixed Assets= 167 160 ***TOTAL ASSETS= 257 910 Accounts Payable (i.e. short term trade credits)= 21 360 Notes Payable (i.e. short term bank credits)= 15 000 Mortgage Payable (i.e. long term loan on fixed assets)= 31 800 ***TOTAL LIABILITIES= 68 160 Preferred Stock= 50 000 Common Stock= 64 750 Retained earnings= 75 000 ***CAPITAL= 189 750 ***TOTAL LIABILITIES + CAPITAL= 257 910 During the entire production year 2010, the company operations are summarized as follows: a. Receipt of additional paid up capitalization in common stock was 10 250. b. 150 000 additional bank credit was availed to finance the working capital requirements for the period; 75 000 of bank loans matured over the same period and was paid. c. Material purchases for merchandise inventory: 89 740 in cash; 85 000 in credits. d. Sales during the period were 114 700: 64 700 in cash sales; 50 000 on credit. Total cost of goods sold was 81 300. e. A computer was obtained for 25 000 on long term credit; previous mortgage payable was reduced when a payment of 20 000 was made. f. XYZ Corporation collected 46 000 (the worth of goods previously sold to its regular customers on credit). g. The firm reduced its trade liabilities by 82 640. h. The Board of Directors decided to declare cash dividends in the amount of 10 000. ----Construct the balance sheet as of the year ended 2010. Title: Re: Kindly answer this...about BALANCE SHEET? Post by: Old_Guy on July 22, 2011, 05:22:49 PM XYZ Corporation
Balance Sheet December 31, 2010 Assets Cash..........................$15,480 Accounts Receivable.....28,450 Inventory.....................147,830 Fixed Assets..............192,160 Total Assets $383,920 Liabilities Accounts Payable......$23,720 Dividends Payable.... ..10,000 ST Notes Payable..... .90,000 LT Mortgage Payable .36,800 Total Liabilities 160,520 Stockholders' Equity Preferred Stock....... ...50,000 Common Stock...........75,000 Retained Earnings.......98,400 Total SE 223,400 Total Liab and SE $383,920 |