Information Solution: Accumulated Depreciation $300,000 Assets Liabilities and S
ID: 2692862 • Letter: I
Question
InformationSolution:
Accumulated Depreciation $300,000
Assets
Liabilities and Stockholders' Equity
Retained Earnings $96,000
Current Asssets:
Current Liabilities:
Cash $10,000
Cash Accounts Payable
Bonds Payable $136,000
Marketable Securities Notes Payable
Accounts Receivable $48,000
Accounts Receivable Total current liabilities
Plant and Equipment - Original Cost $680,000
Less: Allowance for bad debt Long-term Liabilities:
Accounts Payable $35,000
Inventory Bonds Payable
Allowance for bad debt $6,000
Total Current Assets Total Liailities
Common Stock, $1 par, 150,000 shs. outstanding $100,000
Other Assets:
Stockholders' Equity
Inventory $66,000
Investments Preffered Stock, $50 par, 1,000 outstanding
Prefered Stock, $50 par, 1,000 shs. Outstanding $50,000
Fixed Assets:
Common Stock, $1 par, 150,000 outstanding
Marketable securities $20,000
Plant & Equipment Capital paid in excess of par (common stock)
Investments $20,000
Less: Accumulated Dep. Retained earnings
Notes Payable $33,000
Net Plant & Equipment Total Stockholders' Equity
Capital paid in excess of par (common stock) $88,000
Total Assets Total Liabilities and stockholders' Equity
Information
Solution:
Accumulated Depreciation $300,000
Assets
Liabilities and Stockholders' Equity
Retained Earnings $96,000
Current Asssets:
Current Liabilities:
Cash $10,000
Cash Accounts Payable
Bonds Payable $136,000
Marketable Securities Notes Payable
Accounts Receivable $48,000
Accounts Receivable Total current liabilities
Plant and Equipment - Original Cost $680,000
Less: Allowance for bad debt Long-term Liabilities:
Accounts Payable $35,000
Inventory Bonds Payable
Allowance for bad debt $6,000
Total Current Assets Total Liailities
Common Stock, $1 par, 150,000 shs. outstanding $100,000
Other Assets:
Stockholders' Equity
Inventory $66,000
Investments Preffered Stock, $50 par, 1,000 outstanding
Prefered Stock, $50 par, 1,000 shs. Outstanding $50,000
Fixed Assets:
Common Stock, $1 par, 150,000 outstanding
Marketable securities $20,000
Plant & Equipment Capital paid in excess of par (common stock)
Investments $20,000
Less: Accumulated Dep. Retained earnings
Notes Payable $33,000
Net Plant & Equipment Total Stockholders' Equity
Capital paid in excess of par (common stock) $88,000
Total Assets Total Liabilities and stockholders' Equity
Explanation / Answer
Assets Current Asssets: Cash Marketable Securities Accounts Receivable Less: Allowance for bad debt Inventoty Total Current Assets Other Assets: Investments Fixed Assets: Plant & Equipment Less: Accumulated Dep. Net Plant & Equipment
Total Assets Liabilities and Stockholders' Equity Current Liabilities: $10,000
Accounts Payable $20,000 Notes Payable $48,000
Total current liabilities ($6,000)
Long-term Liabilities: $66,000
Bonds Payable $138,000
Total Liailities Stockholders' Equity $20,000
Preffered Stock, $50 par,
1,000outstanding Common Stock, $1 par, 150,000 outstanding $680,000
Capital paid in excess of par (common stock) ($300,000)
Retained earnings $380,000 Total Stockholders' Equity $538,000
Total Liabilities and stockholders' Equity
$35,000 $33,000 $68,000 $136,000 $204,000 $50,000 $100,000 $88,000 $96,000 $334,000 =$538,000