Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Balance sheet. Use the data from the following financial statements in the popup window, Complete the balance sheet. Hint: Find the accumulated depreciation for 2017

Balance sheet. Use the data from the following financial statements in the popup window,

Complete the balance sheet. Hint: Find the accumulated depreciation for

2017

first.

Partial Income Statement Year Ending 2017
Sales revenue $349,800
Cost of goods sold $141,800
Fixed costs $42,900
Selling, general, and administrative expenses $27,800
Depreciation $45,900

(Click on the following icon

in order to copy its contents into a spreadsheet.)

Partial Balance Sheet 12/31/2016
ASSETS LIABILITIES
Cash $16,000 Notes payable $13,800
Accounts receivable $27,800 Accounts payable $19,000
Inventories $48,200 Long-term debt $189,800
Fixed assets $367,900 OWNERS' EQUITY
Accumulated depreciation (-) $140,300 Retained earnings
Intangible assets $82,000 Common stock $131,800

(Click on the following icon

in order to copy its contents into a spreadsheet.)

Partial Balance Sheet 12/31/2017
ASSETS LIABILITIES
Cash $25,800 Notes payable $11,800
Accounts receivable $19,200 Accounts payable $23,900
Inventories $52,900 Long-term debt $162,200
Fixed assets $447,800 OWNERS' EQUITY
Accumulated depreciation (-) Retained earnings
Intangible assets $82,200 Common stock $182,000

image text in transcribed image text in transcribed

please do all the equations for the blanks.

The accumulated depreciation for 2017 is $ (Round to the nearest dollar.) Complete the balance sheet for 2017: (Round to the nearest dollar.) \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Balance Sheet 12/31/2017 } \\ \hline ASSETS & & & LIABILITIES & & \\ \hline Current assets & & & Current liabilities & & \\ \hline Cash & & $25,800 & Notes payable & & $11,800 \\ \hline Accounts receivable & & $19,200 & Accounts payable & & $23,900 \\ \hline Inventories & & $52,900 & Total current liabilities & $ & 35,700 \\ \hline Total current assets & $ & 97,900 & Long-term debt & & $162,200 \\ \hline Fixed assets & & $447,800 & OWNERS' EQUITY & & \\ \hline Accumulated depreciation (-) & $ & 186,200 & Retained earnings & $ & 61,800 \\ \hline Intangible assets & & $82,200 & Common stock & & $182,000 \\ \hline & & & TOTAL LIABILITIES AND & & \\ \hline TOTAL ASSETS & $ & 441,700 & OWNERS' EQUITY & $ & 441,700 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Financial Intermediation And Banking

Authors: Anjan V. Thakor, Arnoud Boot

1st Edition

0444515585, 978-0444515582

More Books

Students also viewed these Finance questions

Question

Describe the five elements of the listening process.

Answered: 1 week ago