Prepare professional looking balance sheet for ABD company, dated Dec. 31, 2013:
ID: 2578035 • Letter: P
Question
Prepare professional looking balance sheet for ABD company, dated Dec. 31, 2013:
Accounts payable........................................ $290,000
Cash.............................................................. 435,000
Inventory........................................................ 420,000
Common Stock ( $1 : 00 par)......................... 285,000
Accounts receivable....................................... 486,000
Allowance for bad debt.................................... 74,000
Paid-in-capital................................................ 512,000
Retained Earnings .......................................... ?
Plant and equipment................................... 1,715,000
Accumulated Depreciation............................ 438,000
Bonds payable.............................................. 955,000
Wages payable............................................ 290,000
Taxes payable .................................................66,000
Explanation / Answer
ABD Company
Balance sheet as on December 31,2013
Accounts receivable $486000
allowance for bad debts ($74000)
Plant and equipment $1715000
accummulated depreciation ($438000)
Liabilities and shareholders equity Amount($) Assets Amount($) Accounts payable $290000 Cash $435000 Taxes payable $66000 Inventory $420000 Wages payable $290000Accounts receivable $486000
allowance for bad debts ($74000)
$412000 Bonds payable $955000Plant and equipment $1715000
accummulated depreciation ($438000)
$1277000 Common stock $285000 Paid in capital $512000 Retained earnings $632000 Total liabilities and equity $3030000 Total assets $3030000