Prepare a classified Balance Sheet, dated 12-31-12, for these 3 situations: Situ
ID: 2372120 • Letter: P
Question
Prepare a classified Balance Sheet, dated 12-31-12, for these 3 situations:Situation 1
12-31-11 Assets:
Cash ………………………………. 80,000
Accounts Rec. ………………...…..…… 290,000
Inventory ………………...………………. 300,000
Equipment, Net of Accum. Depr. …….. 621,000
12-31-11 Liabilities:
Accounts Pay. ………………...…..…… 150,000
Short-Term Notes Payable …...…..…… 200,000
Long-Term Notes Payable …...…..… … 500,000
12-31-11 Equity:
Business is named Happy Productions and is owned solely by Harry Happy.
Situation 2
Business is named Aztec Partners and is owned by Judy Smith and Al Topp Assets and Liabs. are the same as situation 1.
Equity-
Capital as of 1-1-11:
Carly ………………………………………. 166,000
Reg, ……………………………………….. 235,000
Capital Contributed in 2011:
Carly …………………………………….. -
Reg ………………………………………… -
Drawings ,2011:
Carly ……………………………………. 100,000
Reg ……………………………………….. 50,000
Share of Profits ,2011:
Carly …………………………………… 0.666666667
Reg …………………………………….. 0.333333333
Situation 3
Business is a corporation named Aztec, Inc.
Assets and Liabs. are the same as situation 1.
Equity-
Paid in Capital(Common Stock) as of 12-31-11 is ………………. 350,000 Prepare a classified Balance Sheet, dated 12-31-12, for these 3 situations:
Situation 1
12-31-11 Assets:
Cash ………………………………. 80,000
Accounts Rec. ………………...…..…… 290,000
Inventory ………………...………………. 300,000
Equipment, Net of Accum. Depr. …….. 621,000
12-31-11 Liabilities:
Accounts Pay. ………………...…..…… 150,000
Short-Term Notes Payable …...…..…… 200,000
Long-Term Notes Payable …...…..… … 500,000
12-31-11 Equity:
Business is named Happy Productions and is owned solely by Harry Happy.
Situation 2
Business is named Aztec Partners and is owned by Judy Smith and Al Topp Assets and Liabs. are the same as situation 1.
Equity-
Capital as of 1-1-11:
Carly ………………………………………. 166,000
Reg, ……………………………………….. 235,000
Capital Contributed in 2011:
Carly …………………………………….. -
Reg ………………………………………… -
Drawings ,2011:
Carly ……………………………………. 100,000
Reg ……………………………………….. 50,000
Share of Profits ,2011:
Carly …………………………………… 0.666666667
Reg …………………………………….. 0.333333333
Situation 3
Business is a corporation named Aztec, Inc.
Assets and Liabs. are the same as situation 1.
Equity-
Paid in Capital(Common Stock) as of 12-31-11 is ………………. 350,000
Explanation / Answer
what are the symbols did you understand the qestions please look at once