How do I Prepare a balance sheet in good form
Can someone help me on this problem?:confused:
I need to prepare a balance sheet in good form(stockerholders equity details can be omitted)
This is the formation I was giving in the problem
Joe's Company
balance sheet
as of dec 31 2007
cash 80,000
AR 52,200
inventory 57,000
investment 763,00
Equipment 96,000
Patents 3 2,000
total 393,500
AP 75.000
long term liabilities 100,000
Stockholders equity 218500
total 393500
1 cash includes cash surrender value of a life insurance policy 9400 and bank overdraft of 2500 has been deducted
to the AR balance includes
DR balance 60,000
CR 4,000
allowance for doutful acc 3,800
3 inventories do not include goods costing 3000 shipped out on consignment. Receivables of 3000 were recorded on these goods
4 Investment include investments in common stock trading 19000 n available for sale 48,300 and franchises 9,000
5 Equipment costing 5000 with accumulated dep 4000 is no longer used n is held for sale. Accumulated dep on other equipment is 40000
This is what I have and I can't get it to balance. Please someone help me. I am doing something wrong and I just don't know what it is:confused: :confused: :confused: [email protected]
Assets
Cash $99,000.00
Accounts Recriva $52,200.00
less Allowance
Inventories 60,000.00
Investments $85,300.00
Equipment (net) 57,000.00
less Dep
Patents $32,000.00
Total $385,500.00
Liabliities and Stockholders' Equity
Accounts Payable $75,000.00
Long Term Liabilities $100,000.00
Stockholders equity $218,500.00
Total $393,500.00
This is how I got the numbers in my balance sheet
Cash 80,000 + 19000
A/R 60000-4000-3800
Inventories 57000+3000
Investments 76300+9000
Equipment 96000+5000-4000-40000
