Question
balance sheets are for reference. please explain formula how did you get the answer 7) Use the Balance Sheet of Questions 4 and 5 to
(4) Given below are the balance sheet of 2017 developed by Vera. Calculate the Owners Equity. If the Accumulated Retained Earnings are $29,000 what would Common Stock for the company be? (3 points) [Show your work]
Balance Sheet as of December 31, 2017
ASSETS |
| LIABILITIES & OWNERS EQUITY | ||
Cash | $18,643 | Accounts Payable | $42,786 |
|
Accounts receivable | 14,753 | Notes payable | 21,046 |
|
Inventory | 30,255 | Current liabilities | $63,832 |
|
Current assets | $63,651 |
|
|
|
|
| Long-term debt | $103,006 |
|
Net fixed assets | $204,068 | Owners' equity | ?? |
|
Total assets | $267,719 | Total liab. & equity | $267,719 |
|
(5) Given below are the balance sheet of 2018 developed by Vera. Calculate the Net Fixed Assets. How much did the company pay for these assets if the Accumulated depreciation figure is $100,000 (2 points) [Show your work]
Balance Sheet as of December 31, 2018
ASSETS |
| LIABILITIES & OWNERS EQUITY | ||
Cash | $25,721 | Accounts Payable | $48,325 |
|
Accounts receivable | 18,732 | Notes payable | 21,796 |
|
Inventory | 33,381 | Current liabilities | $70,121 |
|
Current assets | $77,834 |
|
|
|
|
| Long-term debt | $117,334 |
|
Net fixed assets | ?? | Owners' equity | 165,004 |
|
Total assets | $352,459 | Total liab. & equity | $352,459 |
|
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