Prepare a Balance Sheet from the following information for the year ended Decemb
ID: 2422760 • Letter: P
Question
Prepare a Balance Sheet from the following information for the year ended December 31, 2014: Long term debt $ 500,000 Cash $ 61,000 Allowance for bad debts $ 75,000 Wages Payable $ 43,000 Accounts receivable $ 425,000 Accumulated depreciation $ 350,000 Inventories $ 110,000 Gross Plant & Equipment $ 1,140,000 Accounts Payable $ 37,000 Prepaid rent $ 8,000 Increase in (Unrestricted) Net Assets $ 159,000 Beginning balance, temporarily restricted net assets $ 70,000 Net assets released from temporary restriction $ 22,000 Beginning balance, unrestricted net assets $ 475,000 Ending balance, permanently restricted net assets $ 35,000 Prepare a Balance Sheet from the following information for the year ended December 31, 2014: Long term debt $ 500,000 Cash $ 61,000 Allowance for bad debts $ 75,000 Wages Payable $ 43,000 Accounts receivable $ 425,000 Accumulated depreciation $ 350,000 Inventories $ 110,000 Gross Plant & Equipment $ 1,140,000 Accounts Payable $ 37,000 Prepaid rent $ 8,000 Increase in (Unrestricted) Net Assets $ 159,000 Beginning balance, temporarily restricted net assets $ 70,000 Net assets released from temporary restriction $ 22,000 Beginning balance, unrestricted net assets $ 475,000 Ending balance, permanently restricted net assets $ 35,000Explanation / Answer
Balance Sheet: Assets $ Liabilities $ Current Assets: Current Libilities: Cash 61,000 Accounts Payable 37,000 Accounts Receivable 425,000 Inventories 110,000 Wages Payable 43,000 Less: Allowance for Bad Debts (75,000) Prepaid Rent 8,000 Fixed Assets: Non Current Libilities: Gross Block 1,140,000 Long term Debt 500,000 Less:Accumulated Depreciation (350,000) Un Restricted Assets: Beginning 475,000 During the year Added 159,000 Capital (B/F) 1,456,000 Permanently Restricted Assets: 35,000 Tempararily Restricted Assets: Beginning 70,000 During the year Released (22,000) 2,036,000 2,036,000