Question
Using the following information, prepare the Balance sheet dated Dec 31st 2022. Do no include dollar signs $ in your answers. Post-closing trial balance: Account
Using the following information, prepare the Balance sheet dated Dec 31st 2022. Do no include dollar signs $ in your answers.
Post-closing trial balance:
| Account | Debits | Credits |
| Cash | 25000 |
|
| Accounts Receivable | 40000 |
|
| Allowance for Doubtful Accounts |
| 4000 |
| Inventory | 80000 |
|
| Investments | 40000 |
|
| Notes Receivable | 30000 |
|
| Land | 250000 |
|
| Buildings | 200000 |
|
| Equipment | 100000 |
|
| Accumulated Depreciation (PPE)_ |
| 50000 |
| Trademark | 30000 |
|
| Patents | 20000 |
|
| License | 5000 |
|
| Prepaid rent | 20000 |
|
| Accounts payable |
| 50000 |
| Notes payable |
| 180000 |
| Salaries payable |
| 79000 |
| Taxes payable |
| 32000 |
| Interest payable |
| 25000 |
| Common Stock |
| 300000 |
| Retained earnings |
| 100000 |
| Accumulated OCI |
| 20000 |
|
| 840000 | 840000 |
Notes:
-
Investments consists of:
-
A $2,000 municipal bond issued on Nov 1st 2022 with a maturity date 90 days from date of issue.
-
$20,000 in various bonds that the firm intends to hold until maturity.
-
$15,000 worth of bonds mature December 31st 2027
-
$5,000 worth of bonds mature December 31st 2023
-
-
The remainder consists of stocks and bonds intended for sale within the next 12 months current
-
-
Notes receivable includes:
-
$10,000 due June 1st 2023 current
-
$20,000 due June 1st 2024 non-current
-
-
Accounts receivable includes a $10,000 long term note from a customer due Dec 31st- 2023. This note was left out of the reported Note receivables.
-
Land account includes a $50,000 piece of land that the firm does not intend to use in its operations. The firm does not have plans to sell this land in the next 12 months.
-
Notes payable include:
-
$30,000 is a note due in Feb 1st 2023
-
$50,000 is a note due March 31st 2027
-
$100,000 is a note with 5 annual principal payments of 20,000 each. First principal payment is due June 1st 2023 20,000 current maturity, remainder
-
-
Prepaid rent is broken down as:
-
$12,000 rent for the year of 2023
-
Remainder for 2024
-
-
Common stock consists of:
-
100,000 shares outstanding of no-par-value stock issued at $3, 500,000 shares authorized PIC = 100,000 * $3.
-
Balance Sheet, Dec 31st 2022
| Assets | ||
| ? | ||
| Cash and cash equivalents | ? | |
| Investments | ||
| ? | ? | |
| Held to maturity securities | ? | |
| Notes receivable | ? | |
| Total Current Investments | ? | |
| ? | ? | |
| Less: ? | ? | |
| ? | ? | |
| Inventory | 80000 | |
| Prepaid rent | ? | |
| ? | ? | |
| Non-current Assets | ||
| Investments | ||
| Held to maturity securities | ? | |
| ? | ? | |
| Notes receivable | ? | |
| Total non-current investments | ? | |
| PPE | ||
| Land | ? | |
| Buildings | 200000 | |
| Equipment | 100000 | |
| Less: Accumulated Depreciation (PPE) | -50000 | |
| Net PPE | ? | |
| Intangible Assets | ||
| Trademark | 30000 | |
| Patents | 20000 | |
| Licenses | 5000 | |
| Total Intangible Assets | 55000 | |
| Other Assets | ||
| ? | ? | |
| Total Non-current Assets | ? | |
| ? | ? | |
| Liabilities | ||
| Current Liabilities | ||
| Accounts payable | 50000 | |
| Salaries payable | 79000 | |
| Taxes payable | 32000 | |
| Interest payable | 25000 | |
| Notes payable | ? | |
| ? | ? | |
| Total Current Liabilities | 236000 | |
| Non-current Liabilities | ||
| ? | ? | |
| Total Liabilities | ? | |
| Stockholders' Equity | ? | |
| Common stock | ||
| Retained earnings | 100000 | |
| ? | ? | |
| Total Stockholders' Equity | ? | |
| Total Liabilities and Stockholders' Equity | ? | |
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