Question
Here is the partial work sheet for Eckland Stereo. Eckland Stereo Work Sheet For Year Ended December 31, 20-- 1 Balance Sheet Balance Sheet 2
Here is the partial work sheet for Eckland Stereo.
Eckland Stereo |
Work Sheet |
For Year Ended December 31, 20-- |
1 |
| Balance Sheet | Balance Sheet |
2 | Account Name | Debit | Credit |
3 | Cash | 14,815.00 |
|
4 | Notes Receivable | 7,500.00 |
|
5 | Accounts Receivable | 30,170.00 |
|
6 | Merchandise Inventory | 50,244.00 |
|
7 | Prepaid Property Taxes | 2,115.00 |
|
8 | Prepaid Insurance | 1,640.00 |
|
9 | Land | 16,700.00 |
|
10 | Building | 50,000.00 |
|
11 | Accumulated Depreciation, Building |
| 15,900.00 |
12 | Computer Equipment | 6,892.00 |
|
13 | Accumulated Depreciation, Computer Equipment |
| 5,674.00 |
14 | Store Equipment | 7,230.00 |
|
15 | Accumulated Depreciation, Store Equipment |
| 4,424.00 |
16 | Delivery Equipment | 4,300.00 |
|
17 | Accumulated Depreciation, Delivery Equipment |
| 3,470.00 |
18 | Notes Payable |
| 5,215.00 |
19 | Accounts Payable |
| 27,140.00 |
20 | Mortgage Payable (current portion) |
| 2,800.00 |
21 | Mortgage Payable |
| 65,200.00 |
22 | M. J. Eckland, Capital |
| 57,314.00 |
23 | M. J. Eckland, Drawing | 23,000.00 |
|
24 |
|
|
|
25 | Wages Payable |
| 1,984.00 |
26 |
| 214,606.00 | 189,121.00 |
27 | Net Income |
| 25,485.00 |
28 | Total | $214,606.00 | $214,606.00 |
Required: | |
1. | Prepare a statement of owners equity (no additional investment). |
2. | Prepare a balance sheet. |
3. | Determine the amount of the working capital. |
4. | Determine the current ratio. |
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