Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am trying to balance this balance sheet. Could you please help me begin{tabular}{|l|c|c|} hline multicolumn{3}{|c|}{ Fine Office Company } hline multicolumn{2}{|c|}{ Budgeted Balance

I am trying to balance this balance sheet. Could you please help me

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

\begin{tabular}{|l|c|c|} \hline \multicolumn{3}{|c|}{ Fine Office Company } \\ \hline \multicolumn{2}{|c|}{ Budgeted Balance Sheet } \\ \hline \multicolumn{2}{|c|}{ At December 31st. 2023 } \\ \hline \multicolumn{1}{|c|}{ Assets } & $ & $ \\ \hline Current Assets: & & \\ \hline Cash & 10,000 & \\ \hline Accounts receivable & 1,468,163 & \\ \hline Finished goods inventory & 614,731 & \\ \hline Raw materials inventory & 457,600 & \\ \hline Total Current Assets: & & $2,550,494 \\ \hline & & \\ \hline Property, Plant \& Equipment & $600,000 & \\ \hline Less: Accumulated depreciation & $200,000 & \\ \hline Total Property, Plant \& Equipment: & & $400,000 \\ \hline Total Assets: & & $2,950,494 \\ \hline & & \\ \hline \multicolumn{1}{|c|}{ Liabilities and Shareholders Equity } & & \\ \hline Liabilities: & & \\ \hline Accounts payable & $3,139,032 & \\ \hline Bank Loan & $2,264,735 & \\ \hline Total Liabilities: & & $5,403,767 \\ \hline Shareholders Equity: & & \\ \hline Common Stock & $580,000 & \\ \hline Retained Earnings & $450,000 & \\ \hline Total Shareholders Equity: & & $1,030,000 \\ \hline Total Liabilities and Shareholders Equity & & \\ \hline \end{tabular} \begin{tabular}{|l|l|r|} \hline \multicolumn{2}{|c|}{ Fine Office Company } \\ \hline \multicolumn{2}{|c|}{ Budgeted Retained Earnings Statement } \\ \hline \multicolumn{2}{|c|}{ for the year ended December 31st 2023 } \\ \hline Opening balance & & $145,000 \\ \hline Add: Net Income & & $2,786,626 \\ \hline & & $2,641,626 \\ \hline Less Dividends & & $60,000 \\ \hline Closing balance & & $2,701,626 \\ \hline & & \\ \hline \end{tabular} Fine Dffice Company Budgeted Income Statement for year ended December 31st 2023 Schedule of expected payments for Direct materials \begin{tabular}{|l|c|c|} \hline \multicolumn{3}{|c|}{ Fine Office Company } \\ \hline \multicolumn{2}{|c|}{ Budgeted Balance Sheet } \\ \hline \multicolumn{2}{|c|}{ At December 31st. 2023 } \\ \hline \multicolumn{1}{|c|}{ Assets } & $ & $ \\ \hline Current Assets: & & \\ \hline Cash & 10,000 & \\ \hline Accounts receivable & 1,468,163 & \\ \hline Finished goods inventory & 614,731 & \\ \hline Raw materials inventory & 457,600 & \\ \hline Total Current Assets: & & $2,550,494 \\ \hline & & \\ \hline Property, Plant \& Equipment & $600,000 & \\ \hline Less: Accumulated depreciation & $200,000 & \\ \hline Total Property, Plant \& Equipment: & & $400,000 \\ \hline Total Assets: & & $2,950,494 \\ \hline & & \\ \hline \multicolumn{1}{|c|}{ Liabilities and Shareholders Equity } & & \\ \hline Liabilities: & & \\ \hline Accounts payable & $3,139,032 & \\ \hline Bank Loan & $2,264,735 & \\ \hline Total Liabilities: & & $5,403,767 \\ \hline Shareholders Equity: & & \\ \hline Common Stock & $580,000 & \\ \hline Retained Earnings & $450,000 & \\ \hline Total Shareholders Equity: & & $1,030,000 \\ \hline Total Liabilities and Shareholders Equity & & \\ \hline \end{tabular} \begin{tabular}{|l|l|r|} \hline \multicolumn{2}{|c|}{ Fine Office Company } \\ \hline \multicolumn{2}{|c|}{ Budgeted Retained Earnings Statement } \\ \hline \multicolumn{2}{|c|}{ for the year ended December 31st 2023 } \\ \hline Opening balance & & $145,000 \\ \hline Add: Net Income & & $2,786,626 \\ \hline & & $2,641,626 \\ \hline Less Dividends & & $60,000 \\ \hline Closing balance & & $2,701,626 \\ \hline & & \\ \hline \end{tabular} Fine Dffice Company Budgeted Income Statement for year ended December 31st 2023 Schedule of expected payments for Direct materials

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Linda Smith Bamber, Karen Wilken Braun, Jr. Harrison, Walter T.

1st Edition

0138129711, 978-0138129712

More Books

Students also viewed these Accounting questions