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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![1. Using the accounts below, prepare a basic Balance Sheet.
All accounts will be used once; refer to the 2-Yr Example F/S in Canvas for examples.
4
Accounts Payable
Accounts Receivable
Automobiles
Buildings
Cash
5
Common Stock
Equipment
Inventory
Land
Long-Term Bonds Payable
Long-Term Note Payable
Retained Earnings
Short-term Note Payable
Wages Payable
Assets
Liabilities
Stockholders' Equity
Assets
Liabilities
Stockholders' Equity
$
$
$
$
$
Assets
Liabilities
Stockholders' Equity
$
$
$
$
$
$
Fill in the missing blanks to make each Balance Sheet balance.
3
$ 10,000,000
??
$ 8,000,000
$
$
$
1,200
8,500
9,000
85,000
2,500
90,000
20,000
30,000
45,000
16,000
14,000
60,000
12,000
6,800
$ 5,000,000
$ 2,000,000
??
??
$ 4,000,000
$ 6,000,000](https://content.bartleby.com/qna-images/question/37b57dc3-6ce2-496a-8c32-489a3dcf3dd7/2fa94d2f-c3d1-4f8e-b039-253d7df63f45/whbt7ao_thumbnail.png)
Transcribed Image Text:1. Using the accounts below, prepare a basic Balance Sheet.
All accounts will be used once; refer to the 2-Yr Example F/S in Canvas for examples.
4
Accounts Payable
Accounts Receivable
Automobiles
Buildings
Cash
5
Common Stock
Equipment
Inventory
Land
Long-Term Bonds Payable
Long-Term Note Payable
Retained Earnings
Short-term Note Payable
Wages Payable
Assets
Liabilities
Stockholders' Equity
Assets
Liabilities
Stockholders' Equity
$
$
$
$
$
Assets
Liabilities
Stockholders' Equity
$
$
$
$
$
$
Fill in the missing blanks to make each Balance Sheet balance.
3
$ 10,000,000
??
$ 8,000,000
$
$
$
1,200
8,500
9,000
85,000
2,500
90,000
20,000
30,000
45,000
16,000
14,000
60,000
12,000
6,800
$ 5,000,000
$ 2,000,000
??
??
$ 4,000,000
$ 6,000,000
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- Complete the followin Common Size Balance Sheet: Amount Percent Cash $ 600 (c) _____________________________ Accounts Receivable 1,400 (d)_____________________________ Total Aseets $ 2,000 (e) _______________________________ Accounts Payable 400 (f) _______________________________ Notes Payable 800 (g)________________________________ Total Liabilities 1,200 (h)…arrow_forwardCash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285arrow_forward1. The following accounts appeared on the partial Balance Sheet of Brandy Inc.: Accounts Payable Accounts Receivable $ 5,500 2,300 2,820 3,000 8,140 18,560 18,760 100 Bank Loan Cash Common Stock Inventory Long-term debt Machinery What is the total amount of all assets (rounded to the nearest dollar)?arrow_forward
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