Question
Part 2 BIZRATE Bizrate Electronics, Inc. Balance Sheet December 31, 2018 Assets Cash 113,000 Accounts Receivable 300,000 Less Allowance for Bad Debts 29,000 271,000 Inventory
Part 2 BIZRATE
Bizrate Electronics, Inc. Balance Sheet December 31, 2018
Assets |
|
|
|
| Cash |
| 113,000 |
| Accounts Receivable | 300,000 |
|
| Less Allowance for Bad Debts | 29,000 | 271,000 |
| Inventory |
| 1,700,000 |
| Tax Exempt Securities |
| 17,000 |
| Other Current Assets |
| 40,000 |
| Other Investments |
| 85,000 |
| Buildings and Depreciable Assets (net) |
| 165,400 |
| Land |
| 70,000 |
| Total Assets |
| 2,461,400 |
|
|
|
|
Liabilities and Equity |
|
|
|
| Accounts Payable |
| 375,000 |
| Mortgages, Notes Payable in < 1 year |
| 185,000 |
| Other Current Liabilities |
| 70,000 |
| Mortgages, Notes Payable in > 1 year |
| 1,190,000 |
| Capital Stock |
| 500,000 |
| Retained Earnings |
| 141,400 |
| Total Liabilities and Equity |
| 2,461,400 |
|
|
|
|
Bizrate Electronics, Inc. Statement of Changes in Retained Earnings For the Year Ended December 31, 2018
Beginning Balance |
| 0 |
|
|
|
Income |
| 381,400 |
Distributions |
| (240,000) |
|
|
|
Balance, December 31, 2018 |
| 141,400
|
Other Information
Addresses for the owners are:
Jon Jones, 3513 Jackson Street, Louisville, KY 40018
Billy Burt, 2532 Sugarbush, Louisville, KY 40018
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