Question
BALACE SHEET PROBLEM: Woodrow Company has completed the accounting cycle for the second year of its operations ended Dec. 31, Y24. Below find balances for
BALACE SHEET PROBLEM: Woodrow Company has completed the accounting cycle for the second year of its operations ended Dec. 31, Y24. Below find balances for all of its balance sheet accounts in an alphabetical order. All accounts have usual normal balances in USD.
Complete the classified balance sheet at the end of the reporting year and determine the following:
Accounts Payable | 2,700 |
Accounts Receivable (Net of Allowance for Doubtful Accounts of $300) | 6,700 |
Accumulated Depreciation - Equipment | 9,000 |
Cash | 500 |
Common Stock | 500 |
Equipment at cost | 18,000 |
Goodwill | 2,000 |
Inventory | 3,000 |
Land | 8,000 |
LT Bonds Payable | 14,000 |
Premium on LT Bonds Payable | 500 |
Paid In Capital in Excess of Par | 4,500 |
Retained Earnings | 7,000 |
Taxes Payable | 1,000 |
Treasury Stock | 1,000
|
a. What is the dollar amount of the current assets?
b. What is the dollar amount of the total assets?
c. What is the dollar amount of the current liabilities?
d. What is the dollar amount of the total liabilities?
e. What is the dollar amount of the total stockholders equity?
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