Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Balance Sheet Assets 12/31/20X1 12/31/20X2 Cash 64,000 100,000 Accounts Receivable 25,000 20,000 Inventory 10,000 14,000 Prepaid Rent 4,000 7,000 Equipment 125,000 220,000 Accumulated Depreciation 20,000
Balance Sheet | ||||
Assets | 12/31/20X1 | 12/31/20X2 | ||
Cash | 64,000 | 100,000 | ||
Accounts Receivable | 25,000 | 20,000 | ||
Inventory | 10,000 | 14,000 | ||
Prepaid Rent | 4,000 | 7,000 | ||
Equipment | 125,000 | 220,000 | ||
Accumulated Depreciation | 20,000 | 35,000 | ||
Book Value of Equipment | 105,000 | 185,000 | ||
Total Assets | 208,000 | 326,000 | ||
Liabilities | ||||
Accounts Payable | 25,000 | 40,000 | ||
Notes Payable | 100,000 | 90,000 | ||
Interest Payable | 5,000 | 8,000 | ||
Total Liabilities | 130,000 | 138,000 | ||
Owners Equity | ||||
Stock | 75,000 | 121,000 | ||
Retained Earnings | 3,000 | 67,000 | ||
Total Equity | 78,000 | 188,000 | ||
Total Liabilities + Equity | 208,000 | 326,000 | ||
Income Statement | ||||
Revenues | 150,000 | |||
COGS | (45,000) | |||
Rent Expense | (3,000) | |||
Depreciation Expense | (15,000) | |||
Interest Expense | (5,000) | |||
Insurance Expense | (467) | |||
What is Cash Paid for Insurance? Please enter a positive number in your answer, even though I'm asking for cash paid.
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