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Author Topic: Kindly answer this...about BALANCE SHEET?  (Read 5 times)
Gurl
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« 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.
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Old_Guy
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« Reply #1 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
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