9. With below information provide, construct a balance sheet statement 1) Ben Nice Shoe Company has Dec 31 2019 year end 2) The ending balance of the cash value in 2019 was $16,030 3) In 2018 the account receivable ending balance was $20,354. The industry average for no collectible rate is 2%. The total sale revenue for the company in 2019 was $160,791 which included $155,695 cash sale. 4) The company paid $4,500 for building insurance policy to cover period May 1 2019 - April 30 2020. 5) In 2019, the company purchased real estate (land and buidling) for $179,500 with the land value $45,000. 6) The building has useful 50 years. The company use straight line depreciation method. 7) There was no unpaid balance from 2018, but Ben company purchased some supplies for $10,000 and paid $1,200 in cash in 2019. 8) In Dec 30 2019, a customer paid $2000 to Ben shoe company and ask Ben to make her nice shoe. The shoe finished and deliver to customer on Jan 30 2020. 9) The company borrowed $100,000 from TD bank for a 25 years mortgage. The up coming year payment will be $1600 which included the interest portion of $1355. 10) The company has $13000 net income. 11) There is $401 prior retained earning balance at the begining of 2019 12) There is $1000 dividend declared in 2019. ***#only 12345****, No $ 12345 or 12,345 Wirte down Current Asset, Long term Asset, Current Liability, Long Term Liability
9. With below information provide, construct a balance sheet statement 1) Ben Nice Shoe Company has Dec 31 2019 year end 2) The ending balance of the cash value in 2019 was $16,030 3) In 2018 the account receivable ending balance was $20,354. The industry average for no collectible rate is 2%. The total sale revenue for the company in 2019 was $160,791 which included $155,695 cash sale. 4) The company paid $4,500 for building insurance policy to cover period May 1 2019 - April 30 2020. 5) In 2019, the company purchased real estate (land and buidling) for $179,500 with the land value $45,000. 6) The building has useful 50 years. The company use straight line depreciation method. 7) There was no unpaid balance from 2018, but Ben company purchased some supplies for $10,000 and paid $1,200 in cash in 2019. 8) In Dec 30 2019, a customer paid $2000 to Ben shoe company and ask Ben to make her nice shoe. The shoe finished and deliver to customer on Jan 30 2020. 9) The company borrowed $100,000 from TD bank for a 25 years mortgage. The up coming year payment will be $1600 which included the interest portion of $1355. 10) The company has $13000 net income. 11) There is $401 prior retained earning balance at the begining of 2019 12) There is $1000 dividend declared in 2019. ***#only 12345****, No $ 12345 or 12,345 Wirte down Current Asset, Long term Asset, Current Liability, Long Term Liability
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...
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Transcribed Image Text:9. With below information provide, construct a balance sheet statement
1) Ben Nice Shoe Company has Dec 31 2019 year end
2) The ending balance of the cash value in 2019 was $16,030
3) In 2018 the account receivable ending balance was $20,354. The industry average for no collectible rate is 2%. The total sale revenue
for the company in 2019 was $160,791 which included $155,695 cash sale.
4) The company paid $4,500 for building insurance policy to cover period May 1 2019 - April 30 2020.
5) In 2019, the company purchased real estate (land and buidling) for $179,500 with the land value $45,000.
6) The building has useful 50 years. The company use straight line depreciation method.
7) There was no unpaid balance from 2018, but Ben company purchased some supplies for $10,000 and paid $1,200 in cash in 2019.
8) In Dec 30 2019, a customer paid $2000 to Ben shoe company and ask Ben to make her nice shoe. The shoe finished and deliver to
customer on Jan 30 2020.
9) The company borrowed $100,000 from TD bank for a 25 years mortgage. The up coming year payment will be $1600 which included
the interest portion of $1355.
10) The company has $13000 net income.
11) There is $401 prior retained earning balance at the begining of 2019
12) There is $1000 dividend declared in 2019.
***#only 12345****, No $12345 or 12,345
Wirte down Current Asset, Long term Asset, Current Liability, Long Term Liability
Transcribed Image Text:Asset
Liability
point 1)
TD bank mortgage loan
Equity
Common Share
point 2)
point 3)
point 3)
point 4)
point 5)
point 6)
point 6)
point 7)
point 8)
point 9)
$10,000
point 10)
point 9)
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