Balance SheetClassi?cations and Relationships:
Shelley and Co. has the following balance sheet elements as ofDecember 31, 2012.
Land. . . . . . . . . . . . . . . . . . . . . . . $247,000 Mortgagepayable. . . . . . . . . . $365,000
Cash . . . . . . . . . . . . . . . . . . . . .. ? Capitalstock. . . . . . . . . . . . . . 300,000
Building . . . . . . . . . . . . . . . . . . . .330,000 Retained earnings . . . . . . . . .. 218,000
Accounts payable . . . . . . . . . . . . .159,000 Inventory . . . . . . . .. . . . . . . . 81,000
Notes payable (short-term). . . . . .. 86,000 Accountsreceivable . . . . . . . . 154,000
Equipment . . . . . . . . . . . . . . . . . .282,000
Required:
Compute the total amount of:
1. Current assets.
2. Long-term assets.
3. Current liabilities.
4. Long-term liabilities.
5. Stockholders
Balance SheetClassi?cations and Relationships:
Shelley and Co. has the following balance sheet elements as ofDecember 31, 2012.
Land. . . . . . . . . . . . . . . . . . . . . . . $247,000 Mortgagepayable. . . . . . . . . . $365,000
Cash . . . . . . . . . . . . . . . . . . . . .. ? Capitalstock. . . . . . . . . . . . . . 300,000
Building . . . . . . . . . . . . . . . . . . . .330,000 Retained earnings . . . . . . . . .. 218,000
Accounts payable . . . . . . . . . . . . .159,000 Inventory . . . . . . . .. . . . . . . . 81,000
Notes payable (short-term). . . . . .. 86,000 Accountsreceivable . . . . . . . . 154,000
Equipment . . . . . . . . . . . . . . . . . .282,000
Required:
Compute the total amount of:
1. Current assets.
2. Long-term assets.
3. Current liabilities.
4. Long-term liabilities.
5. Stockholders
Related questions
Nelson Co.
Income Statement
For the years ending
12/31/13 | 12/31/14 | |
Sales | $8,500,000 | $9,150,000 |
Cost of goods sold | 4,500,000 | 5,350,000 |
Gross profit | ||
Selling Expense | 1,600,000 | 1,900,000 |
Administrative expense | 1,300,000 | 1,400,000 |
Income from operations | ||
Other Income | 40,000 | 150,000 |
Interest expense | 50,000 | 30,000 |
Income before taxes | ||
Income taxes 25% | ||
Net Income |
Nelson Co.
Retained Earnings Statement
For the years ending
12/31/13 | 12/31/14 | |
Retained Earnings â Beg. Balance | $3,758,000 | |
Net income | ||
Preferred dividends | ||
Common dividends | 50,000 | 50,000 |
Retained Earnings- Ending Balance |
Nelson Co.
Balance Sheet
As of
12/31/13 | 12/31/14 | |
Assets | ||
Current Assets: | ||
Cash | 300,000 | 250,000 |
Short term investments | 910,000 | 800,000 |
Account receivable | 540,000 | 410,000 |
Inventory | 990,000 | 950,000 |
Prepaid expenses | 250,000 | 210,000 |
Total current assets | ||
Long term investments | 1,800,000 | 1,900,000 |
Land Buildings Equipment | 3,240,000 | 3,466,000 |
Total Assets | ||
Liabilities | ||
Current Liabilities: | 979,000 | 780,000 |
Long term Liabilities: | ||
Mortgage Payable 8% due 2025 | 200,000 | 90,000 |
Bonds payable $5 | 1,400,000 | 1,300,000 |
Total Liabilities | ||
Shareholdersâ Equity | ||
Preferred stock $10 par 10% | 500,000 | 500,000 |
Common Stock, $5 par | 400,000 | 400,000 |
Retained Earning | 4,475,500 | 4,840,500 |
Total shareholdersâ equity | ||
Total Liabilities & shareholdersâ equity |
Fill in the blanks on the financial statements.
Nelson Co.
Income Statement
For the years ending
12/31/13 | 12/31/14 | |
Sales | $8,500,000 | $9,150,000 |
Cost of goods sold | 4,500,000 | 5,350,000 |
Gross profit | ||
Selling Expense | 1,600,000 | 1,900,000 |
Administrative expense | 1,300,000 | 1,400,000 |
Income from operations | ||
Other Income | 40,000 | 150,000 |
Interest expense | 50,000 | 30,000 |
Income before taxes | ||
Income taxes 25% | ||
Net Income |
Nelson Co.
Retained Earnings Statement
For the years ending
12/31/13 | 12/31/14 | |
Retained Earnings â Beg. Balance | $3,758,000 | |
Net income | ||
Preferred dividends | ||
Common dividends | 50,000 | 50,000 |
Retained Earnings- Ending Balance |
Nelson Co.
Balance Sheet
As of
12/31/13 | 12/31/14 | |
Assets | ||
Current Assets: | ||
Cash | 300,000 | 250,000 |
Short term investments | 910,000 | 800,000 |
Account receivable | 540,000 | 410,000 |
Inventory | 990,000 | 950,000 |
Prepaid expenses | 250,000 | 210,000 |
Total current assets | ||
Long term investments | 1,800,000 | 1,900,000 |
Land Buildings Equipment | 3,240,000 | 3,466,000 |
Total Assets | ||
Liabilities | ||
Current Liabilities: | 979,000 | 780,000 |
Long term Liabilities: | ||
Mortgage Payable 8% due 2025 | 200,000 | 90,000 |
Bonds payable $5 | 1,400,000 | 1,300,000 |
Total Liabilities | ||
Shareholdersâ Equity | ||
Preferred stock $10 par 10% | 500,000 | 500,000 |
Common Stock, $5 par | 400,000 | 400,000 |
Retained Earning | ||
Total shareholdersâ equity | ||
Total Liabilities & shareholdersâ equity |
Fill in the blanks on the financial statements.
