Accountingpbchap2 V1 Am 20070221
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IIM Company Balance Sheet As of December 31, 2006 Assets Current assets:
Libilities and Owner's Equity Current liabilities $95,000
Non current assets
Non current liabilities Total liabilities
$40,000
Owners' Equity $55,000
Total assets
$95,000 Total liabilities and owners' equity
d) Current ratio =current assets/current liabilities Current assets
$33,000
Current liabilities
Non current assets
$55,000
Non current liabilities Owners' Equity
Total assets
$88,000
Current assets
$35,000
Current liabilities
Non current assets
$60,000
Non current liabilities Owners' Equity
$95,000
$15,000 $$73,000 $88,000
e) Current ratio =current assets/current liabilities
Total assets
2.2
1.4 $25,000 $$70,000 $95,000
$95,000
<2, bad
J.L. Gregory Company Balance Sheet As of June 30, 2006 Assets Current assets: Cash Marketable securities Accounts receivable Inventories
$89,000 $379,000 $505,000 $513,000 Total current assets
Libilities and Owner's Equity Current liabilities: Accounts payable Notes payable Tax Liability Accrued expenses $1,486,000 Total current liabilities
Non current assets Property, plant, equipment Land(at cost) Buildings(at cost) Accumulated depreciaition on building Equipment(at cost) Accumulated depreciaition on equipment Other assets : Investment in Peerless Company Total non current assets
Non current liabilities Bonds payable $230,000 $1,120,000 $(538,000) $761,000 $(386,000)
Total liabilities
$320,000 $1,507,000 Owners' equity Capital stock Retained earnings Total Owners' equity
Total assets
$2,993,000 Total liabilities and owners' equity
es and Owner's Equity $241,000 $200,000 $125,000 $107,000
$700,000
$1,373,000
$1,000,000 $620,000 $1,620,000
$2,993,000
Kharmoudy Company Balance Sheet As of June 30, 2006 Assets Current assets: Cash Marketable securities Accounts receivable Inventories Total current assets
Libilities and Owner's Equity Current liabilities: $109,600 1,2,4,7,9 Accounts payable Notes payable $7,200 Transaction 6, Tax Liability $20,800 4,5,6 Accrued expenses Total current liabilities
Non current assets Property, plant, equipment Land(at cost) Buildings(at cost) Accumulated depreciaition on building Equipment(at cost) Accumulated depreciaition on equipment
Non current liabilities Bonds payable
$(8,500) 3,
Total liabilities
Other assets : Total non current assets Owners' equity Capital stock Retained earnings Dividends Total Owners' equity Total assets
$129,100
Total liabilities and owners' equity
lities and Owner's Equity
$9,400 5,
$25,000 2,
$34,400
$47,500 1,3,7,10 $50,200 6,10 $(3,000) 9, $94,700
and owners' equity
$129,100
D. Carson and F. Leggat Partners Balance Sheet As of June 30, 2006 Assets Current assets: Cash Marketable securities Accounts receivable Inventories Total current assets
Libilities and Owner's Equity Current liabilities: $72,100 Transcation 0,2,3 Accounts payable Notes payable $50,000 Tax Liability $8,500 1,2 Accrued expenses Total current liabilities
Non current assets Property, plant, equipment Land(at cost) Buildings(at cost) Accumulated depreciaition on building Equipment(at cost) Accumulated depreciaition on equipment
Non current liabilities Bonds payable $25,000 4, $50,000 4,
Total liabilities
Other assets : Investment Total non current assets
Total assets
Owners' equity Carson' equity Carson dividends Total Carson's equity Leggatt's equity Leggatt's dividends Total Legatt's dividends Retained earnings Total Owners' equity $155,600
$50,000 $(6,200) $50,000 $(3,700) $15,500
Total liabilities and owners' equity
Nicholas Legendre C&L 30/06/2006 ASSET
wner's Equity
LIABILITIES
C Cash
22100
invest
58500
TOTAL
80600
$50,000 NC L
25000 C EQ
51550
B
50000 L EQ
54050
75000 Loan Total Asset
0, 3, $43,800 0, 3, $46,300 2, $105,600 $155,600
155600
50000 155600
Assets Current Inventory total
Liabilities 25000 Notes payable 50000 Capital 75000 total
Current
25800
Current
NC 29 31
20000 2800 MARVIN COMPANY Balance Sheet As of Januray 31, 2006
Assets
Libilities and Owner's Equity
Current assets:
Current liabilities:
Cash
$13,900 Jan 1,4,11,26,29,31
Marketable securities
Accounts payable Notes payable
Accounts receivable
$3,400 16,
Inventories
$46,500 1,4,(6,8),16
Prepaid expenses
Tax Liability Accrued expenses
$1,400 31,
Total current liabilities
Total current assets Non current assets
Non current liabilities Bonds payable
Property, plant, equipment Land(at cost)
$20,000 Jan 29
Buildings(at cost) Accumulated depreciaition on building Equipment(at cost) Accumulated depreciaition on equipment
Total liabilities
Other assets : Investment
Owners' equity Total noncurrent assets
Paid-in capital Retained earnings Total owners' equity
Total assets
$85,200
Total liabilities and owners' equity
20000 55000 75000
ties and Owner's Equity $7,000 Jan (6,8) $20,000 1,
$55,000 1, $3,200 4,11,16,26
$85,200
Maynard Company Balance Sheet As of June 1, 2006 Assets
Libilities and Owner's Equity
Current assets:
Current liabilities:
Cash
$34,983
Accounts payable
$8,517
Accounts receivable
$21,798
Bank notes payable
$8,385
Merchadise inventory
$29,835
Taxes payable
$5,700
Accrued wages payable
$1,974
Supplies on hand
$5,559
Prepaid insurance
$3,150
Note receivable, Diane Maynard
$11,700
Total current assets
Total current liabilities $107,025
Non current assets
Non current liabilities
$2,451
Property, plant, equipment Land
$89,700
Building
$585,000
Accumulated depreciaition on building Equipment(at cost)
$(156,000) $13,260
Accumulated depreciaition on equipment
$(5,304) Total liabilities
Other noncurrent assets :
$4,857
Total non current assets
$531,513 Owners' equity Capital stock
$390,000
Retained earnings
$221,511
Dividends Total Owners' equity Total assets
$638,538
Total liabilities and owners' equity
2/ Financial conditions June 1, 2006 1/Current ratio 2/ Owners' equity
June 30, 2006
4.35
2.15
$611,511
$619,446
June 30th is worth than June 1st
Maynard Company Balance Sheet As of June 1, 2006
ner's Equity
Assets
Libilities and Owner's Equity
Current assets:
$24,576
Current liabilities:
Cash
$66,660
Accounts payable
Accounts receivable
$26,505
Bank notes payable
Merchadise inventory
$26,520
Taxes payable
Supplies on hand
$6,630
Prepaid insurance
$2,826
Note receivable, Diane Maynard
Accrued wages payable
$-
Total current assets
$129,141
Total current liabilities
Non current assets Non current liabilities Property, plant, equipment Land
$89,700
Building
$585,000
Accumulated depreciaition on building Equipment(at cost)
$(157,950) $36,660
Accumulated depreciaition on equipment
$(5,928) Total liabilities
Other noncurrent assets :
$5,265
Total non current assets
$552,747 Owners' equity Capital stock Retained earnings Dividends
$611,511 $638,538
Total Owners' equity Total assets
$681,888
Total liabilities and owners' equity
ities and Owner's Equity $21,315 $29,250 $7,224 $2,202
$59,991
$2,451
$390,000 $229,446 $619,446 $681,888
Libilities and Owner's Equity Current liabilities $95,000
Non current assets
Non current liabilities Total liabilities
$40,000
Owners' Equity $55,000
Total assets
$95,000 Total liabilities and owners' equity
d) Current ratio =current assets/current liabilities Current assets
$33,000
Current liabilities
Non current assets
$55,000
Non current liabilities Owners' Equity
Total assets
$88,000
Current assets
$35,000
Current liabilities
Non current assets
$60,000
Non current liabilities Owners' Equity
$95,000
$15,000 $$73,000 $88,000
e) Current ratio =current assets/current liabilities
Total assets
2.2
1.4 $25,000 $$70,000 $95,000
$95,000
<2, bad
J.L. Gregory Company Balance Sheet As of June 30, 2006 Assets Current assets: Cash Marketable securities Accounts receivable Inventories
$89,000 $379,000 $505,000 $513,000 Total current assets
Libilities and Owner's Equity Current liabilities: Accounts payable Notes payable Tax Liability Accrued expenses $1,486,000 Total current liabilities
Non current assets Property, plant, equipment Land(at cost) Buildings(at cost) Accumulated depreciaition on building Equipment(at cost) Accumulated depreciaition on equipment Other assets : Investment in Peerless Company Total non current assets
Non current liabilities Bonds payable $230,000 $1,120,000 $(538,000) $761,000 $(386,000)
Total liabilities
$320,000 $1,507,000 Owners' equity Capital stock Retained earnings Total Owners' equity
Total assets
$2,993,000 Total liabilities and owners' equity
es and Owner's Equity $241,000 $200,000 $125,000 $107,000
$700,000
$1,373,000
$1,000,000 $620,000 $1,620,000
$2,993,000
Kharmoudy Company Balance Sheet As of June 30, 2006 Assets Current assets: Cash Marketable securities Accounts receivable Inventories Total current assets
Libilities and Owner's Equity Current liabilities: $109,600 1,2,4,7,9 Accounts payable Notes payable $7,200 Transaction 6, Tax Liability $20,800 4,5,6 Accrued expenses Total current liabilities
Non current assets Property, plant, equipment Land(at cost) Buildings(at cost) Accumulated depreciaition on building Equipment(at cost) Accumulated depreciaition on equipment
Non current liabilities Bonds payable
$(8,500) 3,
Total liabilities
Other assets : Total non current assets Owners' equity Capital stock Retained earnings Dividends Total Owners' equity Total assets
$129,100
Total liabilities and owners' equity
lities and Owner's Equity
$9,400 5,
$25,000 2,
$34,400
$47,500 1,3,7,10 $50,200 6,10 $(3,000) 9, $94,700
and owners' equity
$129,100
D. Carson and F. Leggat Partners Balance Sheet As of June 30, 2006 Assets Current assets: Cash Marketable securities Accounts receivable Inventories Total current assets
Libilities and Owner's Equity Current liabilities: $72,100 Transcation 0,2,3 Accounts payable Notes payable $50,000 Tax Liability $8,500 1,2 Accrued expenses Total current liabilities
Non current assets Property, plant, equipment Land(at cost) Buildings(at cost) Accumulated depreciaition on building Equipment(at cost) Accumulated depreciaition on equipment
Non current liabilities Bonds payable $25,000 4, $50,000 4,
Total liabilities
Other assets : Investment Total non current assets
Total assets
Owners' equity Carson' equity Carson dividends Total Carson's equity Leggatt's equity Leggatt's dividends Total Legatt's dividends Retained earnings Total Owners' equity $155,600
$50,000 $(6,200) $50,000 $(3,700) $15,500
Total liabilities and owners' equity
Nicholas Legendre C&L 30/06/2006 ASSET
wner's Equity
LIABILITIES
C Cash
22100
invest
58500
TOTAL
80600
$50,000 NC L
25000 C EQ
51550
B
50000 L EQ
54050
75000 Loan Total Asset
0, 3, $43,800 0, 3, $46,300 2, $105,600 $155,600
155600
50000 155600
Assets Current Inventory total
Liabilities 25000 Notes payable 50000 Capital 75000 total
Current
25800
Current
NC 29 31
20000 2800 MARVIN COMPANY Balance Sheet As of Januray 31, 2006
Assets
Libilities and Owner's Equity
Current assets:
Current liabilities:
Cash
$13,900 Jan 1,4,11,26,29,31
Marketable securities
Accounts payable Notes payable
Accounts receivable
$3,400 16,
Inventories
$46,500 1,4,(6,8),16
Prepaid expenses
Tax Liability Accrued expenses
$1,400 31,
Total current liabilities
Total current assets Non current assets
Non current liabilities Bonds payable
Property, plant, equipment Land(at cost)
$20,000 Jan 29
Buildings(at cost) Accumulated depreciaition on building Equipment(at cost) Accumulated depreciaition on equipment
Total liabilities
Other assets : Investment
Owners' equity Total noncurrent assets
Paid-in capital Retained earnings Total owners' equity
Total assets
$85,200
Total liabilities and owners' equity
20000 55000 75000
ties and Owner's Equity $7,000 Jan (6,8) $20,000 1,
$55,000 1, $3,200 4,11,16,26
$85,200
Maynard Company Balance Sheet As of June 1, 2006 Assets
Libilities and Owner's Equity
Current assets:
Current liabilities:
Cash
$34,983
Accounts payable
$8,517
Accounts receivable
$21,798
Bank notes payable
$8,385
Merchadise inventory
$29,835
Taxes payable
$5,700
Accrued wages payable
$1,974
Supplies on hand
$5,559
Prepaid insurance
$3,150
Note receivable, Diane Maynard
$11,700
Total current assets
Total current liabilities $107,025
Non current assets
Non current liabilities
$2,451
Property, plant, equipment Land
$89,700
Building
$585,000
Accumulated depreciaition on building Equipment(at cost)
$(156,000) $13,260
Accumulated depreciaition on equipment
$(5,304) Total liabilities
Other noncurrent assets :
$4,857
Total non current assets
$531,513 Owners' equity Capital stock
$390,000
Retained earnings
$221,511
Dividends Total Owners' equity Total assets
$638,538
Total liabilities and owners' equity
2/ Financial conditions June 1, 2006 1/Current ratio 2/ Owners' equity
June 30, 2006
4.35
2.15
$611,511
$619,446
June 30th is worth than June 1st
Maynard Company Balance Sheet As of June 1, 2006
ner's Equity
Assets
Libilities and Owner's Equity
Current assets:
$24,576
Current liabilities:
Cash
$66,660
Accounts payable
Accounts receivable
$26,505
Bank notes payable
Merchadise inventory
$26,520
Taxes payable
Supplies on hand
$6,630
Prepaid insurance
$2,826
Note receivable, Diane Maynard
Accrued wages payable
$-
Total current assets
$129,141
Total current liabilities
Non current assets Non current liabilities Property, plant, equipment Land
$89,700
Building
$585,000
Accumulated depreciaition on building Equipment(at cost)
$(157,950) $36,660
Accumulated depreciaition on equipment
$(5,928) Total liabilities
Other noncurrent assets :
$5,265
Total non current assets
$552,747 Owners' equity Capital stock Retained earnings Dividends
$611,511 $638,538
Total Owners' equity Total assets
$681,888
Total liabilities and owners' equity
ities and Owner's Equity $21,315 $29,250 $7,224 $2,202
$59,991
$2,451
$390,000 $229,446 $619,446 $681,888
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