Balance Sheet

posted by .

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.

Balance Sheet

Cash $
Accounts receivable 85,000
Land 184,000
Building 250,000
Equipment 96,000

Total assets $

Liabilities & Owners’ Equity

Notes payable $
Accounts payable $
Income taxes payable …………..$40,000
Total liabilities ………………..$215,000
Owners’ equity:
Capital stock ……………………$
Retained earnings ………………$
Total liabilities and
owners’ equity…………………... $620,000

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. consolidated balance sheet

    Can someone please help me with the following question. I am not really sure even how to start. One company purchased all of the common stock of another company on January 1, 2005, paying slightly more than the fair value of acquired …
  2. accounting

    Baldwin Products Company anticipates reaching a sales level of $6 million in one year. The company expects net income during the next year to equal $400,000. Over the past several years, the company has been paying $50,000 in dividends …
  3. Accounting

    Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,600 …
  4. Finance

    Fine Breads Inc. paid out $26,000 common dividends during 2005, and it ended the year with $150,000 of retained earnings. The prior year’s retained earnings were $145,000. What was the firm's 2005 net income?
  5. accounting

    The two cases described below are independent of each other. Each case provides the information necessary to prepare the stockholders' equity section of a corporate balance sheet. a. Early in 2007, Wesson Corporation was formed with …
  6. Finance

    a corporation had year end 2004 and 2005 retained earnings balances of $320,000 and $400,000, respectively. The firm reported net profits after taxes of $100,000 in 2005. the firm paid dividends in 2005 ofwhat
  7. Goodwill Valuation 2 - Accountancy

    In case of Admission: Given a balance sheet as at 31 Dec 2007. The new partner was admitted on 1 Jan 2007. Goodwill was agreed at 2 years purchase and was to be valued in accordance to the weighted average gross profit method for the …
  8. Accounting

    Peck Company The Peck Company reported the following items on its financial statements for the year ending December 31, 2010. Sales - $1,560,000 Cost of Sales - $1,400,000 Selling, general and administrative expense - 40,000 Other …
  9. Account

    Peck Company: The Peck Company reported the following items on its financial statements for the year ending December 31, 2010. Sales - $1,560,000 Cost of Sales - $1,400,000 Selling, general & administrative expense - 40,000 Other Expense …
  10. math accounting

    The following information was drawn from the accounting records of Kwon Company as of December 31, 2012, before the temporary accounts had been closed. The Cash balance was $4,000, and Notes Payable amounted to $2,000. The company …

More Similar Questions