Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please solve asap & show work Below is a partially completed balance sheet for Rover Corporation, a two year old service company, who began operations
please solve asap & show work Below is a partially completed balance sheet for Rover Corporation, a two year old service company, who began operations on January 1, 2019. Rover Corporation Balance Sheet As at December 31, 2020 Assets: Liabilities and Shareholders' Equity: Cash $146,280 Notes Payable (short term) Mortgage Payable Accounts receivable Inventory Preferred Shares Machinery and Equipment Less: Accumulated Depreciation Common Shares Retained Earnings $420,000 Total Liabilities/Equity $12,268 Total Assets $420,000 The following information will assist you in completing Rover Corporation's balance sheet: 1,078 preferred shares were issued at $2 each. Current ratio is 2.53 to 1. Inventory turnover is 1.40 to 1. Depreciation using the straight-line method and based on 6 years, is $14,445 yearly. Assume there is no residual value Gross profit is 14% Total sales for the year are $873,807 Total assets less total liabilities are $334,582. . The average number of days to collect accounts receivable was 75 days. Using the above information, calculate the amount of machinery and equipment that would be reported on Rover Corporation's Balance Sheet above
please solve asap & show work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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