Jamako
Apr 2, 2009, 06:26 AM
I need help on the rest
the folowing balance sheet was prepared by a bookkeeper for perry company as of dec 31 2007
balance sheet
as of dec 31 2007
cash 80000
AR 52200
inventory 57000
investment 76300
Equipment 96000
Patents 32000
total 393500
AP 75000
long term liabilities 100000
Stockholders equity 218500
total 393500
The following info is provided
1 cash includes cash surrender value of a life insurance policy 9400 and bank overdraft of 2500 has been deducted I would do nothing on this one. I would leave the cash on the balance sheet at 80000. is that right
2 The AR balance includes DR balance 60000 CR 4000 n allowance for doutful acc 3800
I have 60000-4000-3800=58000
3 inventories do not include goods costing 3000 shipped out on consignment. Receivables of 3000 were recorded on these goods
I would add 3000 to the inventories amount 57000+3000
4 Investment include investments in common stock trading 19000 n available for sale 48300 n franchises 9000 don't know what to do on that one
5 Equipment costing 5000 with accumulated dep 4000 is no longer used n is held for sale. Accumulated dep on other equipment is 40000 I think it should be 96000-40000-1000=55000
instruction prepare a balance sheet in good form (stockholderls equity details can be omitted)
the folowing balance sheet was prepared by a bookkeeper for perry company as of dec 31 2007
balance sheet
as of dec 31 2007
cash 80000
AR 52200
inventory 57000
investment 76300
Equipment 96000
Patents 32000
total 393500
AP 75000
long term liabilities 100000
Stockholders equity 218500
total 393500
The following info is provided
1 cash includes cash surrender value of a life insurance policy 9400 and bank overdraft of 2500 has been deducted I would do nothing on this one. I would leave the cash on the balance sheet at 80000. is that right
2 The AR balance includes DR balance 60000 CR 4000 n allowance for doutful acc 3800
I have 60000-4000-3800=58000
3 inventories do not include goods costing 3000 shipped out on consignment. Receivables of 3000 were recorded on these goods
I would add 3000 to the inventories amount 57000+3000
4 Investment include investments in common stock trading 19000 n available for sale 48300 n franchises 9000 don't know what to do on that one
5 Equipment costing 5000 with accumulated dep 4000 is no longer used n is held for sale. Accumulated dep on other equipment is 40000 I think it should be 96000-40000-1000=55000
instruction prepare a balance sheet in good form (stockholderls equity details can be omitted)