Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Financial data for Phillip's Plumbing Company are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company
Financial data for Phillip's Plumbing Company are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2018 and use your constructed statement to answer the following 5 questions. NOTE: Not every item in the list below belongs on the balance sheet - you have to use some given data to determine needed accounts for the balance sheet. However, other than what is listed and/or can be derived, there are no other accounts on the company's balance sheet for the year - use cash as a plug figure to balance the balance sheet Accounts payable 8,100 3,100 18,400 Accruals Accumulated depreciation Additional paid in capital Beginning of year inventory Common stock ($1.25 par value) Cost of goods sold Current portion of Long-term debt 7,800 19,400 16,000 64,800 84,200 36,500 120,400 84,200 61,800 Gross accounts receivable Gross fixed assets Long-term debt (excluding current portion) Purchases Retained earnings 28,600 1,900 5,300 Returns and allowances Short-term bank loan Cash ??? 5. What did Phillip's Plumbing Company record as Total Current Assets on December 31, 2018 balance sheet? 6. What did Phillip's Plumbing Company record as Total Current Liabilities on December 31, 2018 balance sheet? 7. What did Phillip's Plumbing Company record as Total Assets on December 31, 2018 balance sheet? 8. What was Total Shareholder's Equity 9. Phillip's Plumbing Company reported net income for 2018 of $12,400 and the company paid dividends of $0.40 per share in 2018. Given this information (along with the data provided above), compute what Phillip's Plumbing Company reported as retained earnings on its December 31, 2010 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2010 and December 31, 2018) Phillip's Plumbing Company' December 31, 2018 balance sheet? on
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