Posted by Steve on Friday, June 6, 2008 at 7:16pm.
Use the following information to complete the balance sheet
(1) The company was organized on January 1, 2005, and has operated for the full year 2005.
(2) Earnings have amounted to $275,000, and dividends of $70,000 have been paid to stockholders.
(3) Cash and accounts receivable together amount to one and one-half times as much as notes payable.
Accounts receivable 85,000
Total assets $
Liabilities & Ownersâ€™ Equity
Notes payable $
Accounts payable $
Income taxes payable â€¦â€¦â€¦â€¦..$40,000
Total liabilities â€¦â€¦â€¦â€¦â€¦â€¦..$215,000
Capital stock â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦$
Retained earnings â€¦â€¦â€¦â€¦â€¦â€¦$
Total liabilities and
ownersâ€™ equityâ€¦â€¦â€¦â€¦â€¦â€¦â€¦... $620,000
Answer This Question
More Related Questions
- math accounting - The following information was drawn from the accounting ...
- consolidated balance sheet - Can someone please help me with the following ...
- accounting - Baldwin Products Company anticipates reaching a sales level of $6 ...
- Goodwill Valuation 2 - Accountancy - In case of Admission: Given a balance sheet...
- Account - Peck Company: The Peck Company reported the following items on its ...
- Accounting - Complete the six-column table by entering adjustments that reflect ...
- Accounting - Peck Company The Peck Company reported the following items on its ...
- Financial Accouting - Prepare a 10-column work sheet for fiscal year 2005, ...
- accounting - The two cases described below are independent of each other. Each ...
- Finance - a corporation had year end 2004 and 2005 retained earnings balances of...