Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Balance Sheet Preparation Consider UVW Corporation with the following assets: Cash $50,000, Accounts Receivable $40,000, Inventory $35,000, and Property, Plant, and Equipment $200,000. Liabilities include
Balance Sheet Preparation
Consider UVW Corporation with the following assets: Cash $50,000, Accounts Receivable $40,000, Inventory $35,000, and Property, Plant, and Equipment $200,000. Liabilities include Accounts Payable $45,000 and Long-Term Debt $150,000. Prepare a balance sheet for UVW Corporation, detailing assets, liabilities, and owner's equity.
UVW Corporation's balance sheet is prepared as follows: Assets:
- Cash: $50,000
- Accounts Receivable: $40,000
- Inventory: $35,000
- Property, Plant, and Equipment: $200,000
Total Assets: $325,000
Liabilities:
- Accounts Payable: $45,000
- Long-Term Debt: $150,000
Total Liabilities: $195,000
Owner's Equity:
- Total Assets - Total Liabilities
- $325,000 - $195,000
Owner's Equity: $130,000
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