:The balance sheet for Glenwood Corporation at December 31, 2011, showed the following subtotals: Current Assets $140,000 Current Liabilities 80,000 Property & Equipment 420,000 Total Stockholders' Equity 420,000 Retained Earnings 120,000 Total Liabilities 210,000 Other long-term assets 70,000 Based on this data, give the amounts for A. Total Assets B. Long-term liabilities C. Contributed capital D. Total liabilities and stockholders' equity
Total assets : 140000+420000+70000
long-term liabilities : 210000-80000
contributed capital : 420000+120000
total liabilities and equity : 420000+120000+210000
hamzanajam @ h o t m a i l . c o m
A. Total Assets
To calculate the Total Assets, we add the Current Assets, Property & Equipment, and Other long-term assets.
Total Assets = Current Assets + Property & Equipment + Other long-term assets
= $140,000 + $420,000 + $70,000
= $630,000
Therefore, the Total Assets are $630,000.
B. Long-term Liabilities
To find the Long-term Liabilities, we subtract the Current Liabilities from the Total Liabilities.
Long-term Liabilities = Total Liabilities - Current Liabilities
= $210,000 - $80,000
= $130,000
Therefore, the Long-term Liabilities are $130,000.
C. Contributed Capital
Contributed Capital can be calculated by subtracting Retained Earnings from the Total Stockholders' Equity.
Contributed Capital = Total Stockholders' Equity - Retained Earnings
= $420,000 - $120,000
= $300,000
Therefore, the Contributed Capital is $300,000.
D. Total Liabilities and Stockholders' Equity
Total Liabilities and Stockholders' Equity can be obtained by adding the Total Liabilities and the Total Stockholders' Equity.
Total Liabilities and Stockholders' Equity = Total Liabilities + Total Stockholders' Equity
= $210,000 + $420,000
= $630,000
Therefore, the Total Liabilities and Stockholders' Equity is $630,000.
To find the amounts for each of the categories, we need to use the information provided in the balance sheet.
A. Total Assets:
Total Assets can be calculated by summing up the Current Assets and Other long-term assets.
Total Assets = Current Assets + Other long-term assets
Total Assets = $140,000 + $70,000
Total Assets = $210,000
B. Long-term liabilities:
Long-term liabilities are not directly provided in the given information. However, we can calculate it by subtracting Current Liabilities from Total Liabilities.
Long-term liabilities = Total Liabilities - Current Liabilities
Long-term liabilities = $210,000 - $80,000
Long-term liabilities = $130,000
C. Contributed capital:
Contributed capital is the portion of shareholders' equity that represents the equity contributions made by the company's owners. It is not directly provided in the given information. However, we can calculate it by subtracting Retained Earnings from Total Stockholders' Equity.
Contributed capital = Total Stockholders' Equity - Retained Earnings
Contributed capital = $420,000 - $120,000
Contributed capital = $300,000
D. Total liabilities and stockholders' equity:
Total liabilities and stockholders' equity can be calculated by summing up Total Liabilities and Total Stockholders' Equity.
Total liabilities and stockholders' equity = Total Liabilities + Total Stockholders' Equity
Total liabilities and stockholders' equity = $210,000 + $420,000
Total liabilities and stockholders' equity = $630,000
Therefore, the amounts are:
A. Total Assets = $210,000
B. Long-term liabilities = $130,000
C. Contributed capital = $300,000
D. Total liabilities and stockholders' equity = $630,000