Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Accounts payable Accounts receivable Account Description Accumulated amurtization, patent Account Balance $20,000 67,600 50,000 149,200 Accumulated depreciation, equipment Accumulated depreciation, vehicles 62,800 Advertising payable
Accounts payable Accounts receivable Account Description Accumulated amurtization, patent Account Balance $20,000 67,600 50,000 149,200 Accumulated depreciation, equipment Accumulated depreciation, vehicles 62,800 Advertising payable 3,400 Allowance for doubtful accounts 4,000 Cash 29,200 Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $10.00; market price per share on March 31, 2023, was $11.20 Equipment Income tax payable Notes payable** Patent Prepaid rent Retained earnings Unearned revenues Vehicles 'Assume that all accounts have normal balances. "$64,000 of the notes payable will be paid by March 31, 2024. Required: 472,000 55,600 148,000 115,600 55,600 28,000 Using the information from the alphabetized post-closing trial balance above, prepare a classified balance sheet for Sassy Pharmaceuticals Inc. as at March 31, 2023. (Enter all amounts as positive values. Enter the balance sheet items in the order of liquidity.) SASSY PHARMACEUTICALS INC Balance Sheet March 31, 2023 Assets Curront assets March 31, 2023 Assets Total current assets Property, plant, and equipment Total property, plant, and equipment Intangible assets Total assets Current liabilities $ 0 0 $ 0 Liabilities Next > Contributed capital Total equity Tobal liabilities and equity Equity Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debt 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) Asset financed by equity 0 0 Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debl 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) Asset financed by equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started