rosa21
Mar 6, 2011, 11:04 PM
An alphabetical list of the adjusted account balances (all accounts have normal balances) at August 31, 2011, for Alpine Bowling Lanes is as follows:
Accounts payable $ 12,300 Interest expense $ 4,800
Accounts receivable 10,780 Interest payable 400
Accumulated depreciation—building 30,900 Investment in bonds 10,000
Accumulated depreciation—equipment 24,960 Land 64,000
Depreciation expense 9,300 Mortgage payable 99,780
Bowling revenues 35,900 Prepaid insurance 4,590
Building 128,800 Supplies 740
Prepare an income statement and statement of owner's equity for the year ended August 31, 2011, and a classified balance sheet at August 31, 2011. Assume the following: (1) $12,750 of the mortgage payable will be paid before August 31, 2012; and (2) the company intends to keep its investment in bonds until the bonds mature in 2020.
(If you select Loss, do not enter amount as a negative number.)
Bowling revenue $ 35,900
Total expenses 14970
Profit or loss +20930
( i dont know how to calculate the capital, can anyone help me)
T. Williams, capital, August 31, 2011
Total current assets
Total assets
Total current liabilities
Total liabilities
Total liabilities and owner's equity
Calculate working capital, the current ratio, and the acid-test ratio. Round ratios to two decimal places.
Working capital $
Current ratio :1
Acid-test ratio :1
Cash 17,940 T. Williams, capital 125,000
Equipment 62,400 T. Williams, drawings 16,000
Insurance expense 870 Unearned bowling revenue 980
Accounts payable $ 12,300 Interest expense $ 4,800
Accounts receivable 10,780 Interest payable 400
Accumulated depreciation—building 30,900 Investment in bonds 10,000
Accumulated depreciation—equipment 24,960 Land 64,000
Depreciation expense 9,300 Mortgage payable 99,780
Bowling revenues 35,900 Prepaid insurance 4,590
Building 128,800 Supplies 740
Prepare an income statement and statement of owner's equity for the year ended August 31, 2011, and a classified balance sheet at August 31, 2011. Assume the following: (1) $12,750 of the mortgage payable will be paid before August 31, 2012; and (2) the company intends to keep its investment in bonds until the bonds mature in 2020.
(If you select Loss, do not enter amount as a negative number.)
Bowling revenue $ 35,900
Total expenses 14970
Profit or loss +20930
( i dont know how to calculate the capital, can anyone help me)
T. Williams, capital, August 31, 2011
Total current assets
Total assets
Total current liabilities
Total liabilities
Total liabilities and owner's equity
Calculate working capital, the current ratio, and the acid-test ratio. Round ratios to two decimal places.
Working capital $
Current ratio :1
Acid-test ratio :1
Cash 17,940 T. Williams, capital 125,000
Equipment 62,400 T. Williams, drawings 16,000
Insurance expense 870 Unearned bowling revenue 980