Question
Hello, I need help completing this table. I filled out the liabilities and stockholder's equity part. But I need help on filling the assets table.
Hello, I need help completing this table. I filled out the liabilities and stockholder's equity part. But I need help on filling the assets table. Thank you.
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Exquisite Jewelers is developing its annual financial statements for current year. The following amounts were correct at December 31, current year: cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500; investment in stock of Z Corporation (long-term), $36,000; store equipment, $67,000; used store equipment held for disposal, $9,000; accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable, $42,000; income taxes payable, $9,000; retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share).
EXQUISITE JEWELERS Balance Sheet At December 31, Current Year Assets Current assets Cash $58,000 Accounts receivable 71,000 Prepaid insurance 1,500 Merchandise inventory 154,000 Total current assets $284,500 Investment in Z Corporation 36,000 Store equipment 67,000 Accumulated depreciation 19,000 Used store equipment held for disposal 9,000 Total assets 95,000 $415,500 Liabilities Current liabilities Accounts payable $52,500 Income taxes payable 9,000 Total current liabilities $61,500 Note payable 42,000 Total liabilities 103,500 Stockholders' Equity Contributed capital Common stock 100,000 Additional paid-in capital 10,000 Total contributed capital 110,000 Retained earnings 164,000 Total stockholders' equity 274,000 Total liabilities and stockholders' equity $377,500
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