11. What is the Contribution Margin for August? O $61,440 $21,280 O $26,240 $20,500 O $64,000 12. What is the balance of Cash on August 31, 2020? O $5,000 O $ 5,348 O $76,000 $9,296 O $0 13. What is the balance of Accounts Receivable on August 31, 2020? $15,000 O $28,500 O $16,000 O $18,000 O $12,500 14. What is the balance of Prepaid Insurance on July 31, 2020? O $11,500 $ 500 $11,000 15. What is the balance of Inventory on August 31, 2020? $35,452 $ 7,920 $36,080 $ 7,040 $1,600 16. What is the balance of Land on August 31, 2020? O $ 6,500 $128,100 $ 66,900 $0 $ 60,400 17. What is the balance of Accumulated Depreciation, as reflected on the Balance Sheet, on July 31, 2020? O $(22,900) $( 900) O $(23,800) $(21,100) O $(1,800) 18. What is the balance of Accounts Payable on August 31, 2020? O $11,000 $13,804 $ 7,920 Balance Sheet July August ASSETS Current Assets Cash (12) Accounts Receivable 12,500 (13) (14) Prepaid Insurance Inventory Total Current Assets (15) Property Plant & Equipment Stock Investment Land (16) 85,000 Equipment 85,000 ACCOUTILS Receivable 14, JVU (13) Prepaid Insurance (14) Inventory (15) Total Current Assets Property Plant & Equipment Stock Investment Land Equipment Accumulated Depreciation (16) 85,000 85,000 (17) Total PP &E TOTAL ASSETS $ 158,888 $ 168,020 July August LIABILITIES & STOCKHOLDERS EQUITY Current Liabilities Accounts Payable $ 6,588 (18) (19) Commissions Payable Income Taxes Payable Dividends Payable Total Current Liabilities (20) Long term debt (21) Stockholders' Equity Common Stock 49,200 49,200 ASSETS Current Assets Cash Accounts Receivable Prepaid Insurance Inventory Total Current Assets Bengals Company Balance Sheet As of June 30, 2020 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities $ 5,000 Accounts Payable $ 11,000 15,000 Commissions Payable 1,300 Income Taxes Payable 3,500 1,600 Dividends Payable 21,600 Total Current Liabilities 15,800 Long-term debt 70,000 Property Plant & Equipment Land Equipment Accumulated Depreciation Net PP & E 60,400 85,000 (22,000) 123,400 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 49,200 10,000 59,200 Total Assets $ 145,000 Total Liabilities & SE S 145,000 11. What is the Contribution Margin for August? O $61,440 $21,280 O $26,240 $20,500 O $64,000 12. What is the balance of Cash on August 31, 2020? O $5,000 O $ 5,348 O $76,000 $9,296 O $0 13. What is the balance of Accounts Receivable on August 31, 2020? $15,000 O $28,500 O $16,000 O $18,000 O $12,500 14. What is the balance of Prepaid Insurance on July 31, 2020? O $11,500 $ 500 $11,000 15. What is the balance of Inventory on August 31, 2020? $35,452 $ 7,920 $36,080 $ 7,040 $1,600 16. What is the balance of Land on August 31, 2020? O $ 6,500 $128,100 $ 66,900 $0 $ 60,400 17. What is the balance of Accumulated Depreciation, as reflected on the Balance Sheet, on July 31, 2020? O $(22,900) $( 900) O $(23,800) $(21,100) O $(1,800) 18. What is the balance of Accounts Payable on August 31, 2020? O $11,000 $13,804 $ 7,920 Balance Sheet July August ASSETS Current Assets Cash (12) Accounts Receivable 12,500 (13) (14) Prepaid Insurance Inventory Total Current Assets (15) Property Plant & Equipment Stock Investment Land (16) 85,000 Equipment 85,000 ACCOUTILS Receivable 14, JVU (13) Prepaid Insurance (14) Inventory (15) Total Current Assets Property Plant & Equipment Stock Investment Land Equipment Accumulated Depreciation (16) 85,000 85,000 (17) Total PP &E TOTAL ASSETS $ 158,888 $ 168,020 July August LIABILITIES & STOCKHOLDERS EQUITY Current Liabilities Accounts Payable $ 6,588 (18) (19) Commissions Payable Income Taxes Payable Dividends Payable Total Current Liabilities (20) Long term debt (21) Stockholders' Equity Common Stock 49,200 49,200 ASSETS Current Assets Cash Accounts Receivable Prepaid Insurance Inventory Total Current Assets Bengals Company Balance Sheet As of June 30, 2020 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities $ 5,000 Accounts Payable $ 11,000 15,000 Commissions Payable 1,300 Income Taxes Payable 3,500 1,600 Dividends Payable 21,600 Total Current Liabilities 15,800 Long-term debt 70,000 Property Plant & Equipment Land Equipment Accumulated Depreciation Net PP & E 60,400 85,000 (22,000) 123,400 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 49,200 10,000 59,200 Total Assets $ 145,000 Total Liabilities & SE S 145,000
