Format according to GAAP check figures: §CURRENT ASSETS = 9640.29 §PROPERTY, PLA
ID: 2488722 • Letter: F
Question
Format according to GAAP check figures:
§CURRENT ASSETS = 9640.29
§PROPERTY, PLANT, & EQUIPMENT = 40,088.50
§OTHER ASSETS = $1,000
§CURRENT LIABILITIES = $7,504.13
§LONG TERM LIABILITIES = $15,375.10
§CAPITAL = $27,849.56
ASSETS Current Assets Checking/Savings 1000 · Rushing Yard Service- Checking 4,330.57 1050 · Petty Cash 200.00 Total Checking/Savings 4,530.57 Accounts Receivable 1200 · Accounts Receivable 2,969.25 Total Accounts Receivable 2,969.25 Other Current Assets 1300 · *Inventory Asset 1,130.77 1350 · Prepaid Insurance 705.00 1900 · Security Deposit 1,000.00 Total Other Current Assets 2,835.77 Total Current Assets 10,335.59 Fixed Assets 1325 · Office Supplies 69.00 1500 · Lawn and Landscaping Equipment 4,500.00 1600 · Leasehold Improvement 850.00 1700 · Office Equipment 787.50 17000 · Accumulated Depreciation -4,249.00 1800 · Truck 18,200.00 1850 · Truck with Snow Plow 20,000.00 Total Fixed Assets 40,157.50 TOTAL ASSETS 50,493.09 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 2000 · Accounts Payable 160.00 Total Accounts Payable 160.00 Credit Cards 2050 · Credit Card Payable 617.02 Total Credit Cards 617.02 Other Current Liabilities 2010 · Interest Payable 71.23 2100 · 401k Payable 138.36 2110 · FICA Payable 529.20 2125 · Wages Payable 178.00 2130 · FUTA PAYABLE 92.71 2140 · Health Insurance Payable 1,740.00 2160 · SUTA PAYABLE 141.83 2170 · SWT Withholding 67.80 2190 · Current Long-Term Liability 3,550.23 Total Other Current Liabilities 6,509.36 Total Current Liabilities 7,286.38 Long Term Liabilities 2180 · Notes Payable 15,375.10 Total Long Term Liabilities 15,375.10 Total Liabilities 22,661.48 Equity 3000 · Rushing Capital 58,200.00 3100 · Rushing Draw -15,613.52 Net Income -14,754.87 Total Equity 27,831.61 TOTAL LIABILITIES & EQUITY 50,493.09Explanation / Answer
Balance sheet as per GAAP is shown as under:
ASSETS Current Assets Checking/Savings 1000 · Rushing Yard Service- Checking 4,330.57 1050 · Petty Cash 200 Total Checking/Savings 4,530.57 Accounts Receivable 1200 · Accounts Receivable 2,969.25 Total Accounts Receivable 2,969.25 Other Current Assets 1300 · *Inventory Asset 1,130.77 1350 · Prepaid Insurance 705 1325 · Office Supplies 69 Total Other Current Assets 1,904.77 Total Current Assets 9,404.59 Other Assets 1900 · Security Deposit 1,000.00 Property, plant and equipment 1500 · Lawn and Landscaping Equipment 4,500.00 1600 · Leasehold Improvement 850 1700 · Office Equipment 787.5 17000 · Accumulated Depreciation -4,249.00 1800 · Truck 18,200.00 1850 · Truck with Snow Plow 20,000.00 Total Fixed Assets 40,088.50 TOTAL ASSETS 50,493.09 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 2000 · Accounts Payable 160 Total Accounts Payable 160 Credit Cards 2050 · Credit Card Payable 617.02 Total Credit Cards 617.02 Other Current Liabilities 2010 · Interest Payable 71.23 2100 · 401k Payable 138.36 2110 · FICA Payable 529.2 2125 · Wages Payable 178 2130 · FUTA PAYABLE 92.71 2140 · Health Insurance Payable 1,740.00 2160 · SUTA PAYABLE 141.83 2170 · SWT Withholding 67.8 2190 · Current Long-Term Liability 3,550.23 Total Other Current Liabilities 6,509.36 Total Current Liabilities 7,286.38 Long Term Liabilities 2180 · Notes Payable 15,375.10 Total Long Term Liabilities 15,375.10 Total Liabilities 22,661.48 Equity 3000 · Rushing Capital 58,200.00 3100 · Rushing Draw -15,613.52 Net Income -14,754.87 Total Equity 27,831.61 TOTAL LIABILITIES & EQUITY 50,493.09