Chapter 15: Balance Sheet Nctivity All in the blank with wordsumbers using the balance sheet on the next page Enter your answers only, 1-20, in the text box provided. Do not fill in the blanks of the balance sheet and submit, it will not be graded for not following instructions. Hint: When looking at the Balance Sheet on the next page, OPEN THE NORTHEAST ART SUPPLY BALANCE SHEET ON PAGE 449 TO USE AS A GUDE. Note the following while looking at Northeast Art Supply's Balance sheet: - The left column of the balance sheet has blaniks to be flled in as the answers are all words. For instance, I have provided the answer for you for *3, the word is "doubtful - Notice the middle/right side of the balance sheet there are 3 columns of numbers. I always think of columns 1 and 2 as "working" columns as numbers are added and subtracted to derive the next column. Until you get to the final column 33 to reach the final numbers at the botton of the Balance sheet. - Students have trouble with a16-20 due to the math involved. I have provided you with detalled help at the end or below the Balance sheet. Number 120 and fill in each blank into the text box. 2 pts each, Total, 40 points 1. 2. 3. Doabtful 4 5. 6. 7. 8. 9. 10. USE THE BAI ANCE SHEET BELOW TO FILL IN THE NUMBERS ABOVE, ENTER 1-20 AND ANSWER IN TEXT BOX Additional explanation for numbers 16 through 20 is below the balance sheet. For the numbers above, notice three columns of numbers from left to night. The first column is a working column, oace the numbers are added/subtracted then thcy go into the secood column. The socond column is a working column too. Once the numbers are added/subtracted they go into the 3rit column which is the final column. \#16 Here we need to know the amount of Cash. We know that the four numbers in columin two for Current assets and the cash (which we are looking for the amount) all add up to 183.950.00. How do I know? Because that is the amount of total current assets which include cash. So, how much greater is the total assests than the other 4 arnounts? That amount is the missing amount for cash. \#17 We are missing the intangble asset of "Goodwill", But I need to know 118 so lets do that now. N18 This one is easy. Looking for total intangible assets. But 1 know the total amount of assets is 332,950 . There are only 3 types of assets for this total and we are given the other two, so add the other two up and you will find out how much 118 has to be. H17 Back to Goodwill. Since we now know \#18, just subtract the only other intangble asset from the total and you will now know what goodwill is We need to find out 20 before 19 . This one is easy. We can sec there are only two numbers that add to the total in the 34 column. So subtract the one number you know from the total 332,950 and that is what will be the value for 120. Now H19 I think you have the idea now. You can do it on your own