Balance Sheet Classifications and Relationships, Accounting Basics

Balance Sheet Classifications and Relationships, Accounting Basics

Assignment Help:

Balance Sheet Classi?cations and Relationships
Shelley and Co. has the following balance sheet elements as of December 31, 2012.
Land. . . . . . . . . . . . . . . . . . . . . . . $247,000 Mortgage payable. . . . . . . . . . $365,000
Cash . . . . . . . . . . . . . . . . . . . . . . ? Capital stock. . . . . . . . . . . . . . 300,000
Building . . . . . . . . . . . . . . . . . . . . 330,000 Retained earnings . . . . . . . . . . 218,000
Accounts payable . . . . . . . . . . . . . 159,000 Inventory . . . . . . . . . . . . . . . . 81,000
Notes payable (short-term). . . . . . . 86,000 Accounts receivable . . . . . . . . 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’ equity

Related Discussions:- Balance Sheet Classifications and Relationships

Importance of accounting in the public sector, Problem 1: i) Assess th...

Problem 1: i) Assess the importance of accounting in the Public Sector. ii) How far has the Governmental Accounting Standards Board (GASB) changed financial reporting, ass

How to figure the discount using calculator, How To figure the discount usi...

How To figure the discount using calculator 1. Be sure that decimal selector is on 2 decimal places 2. Key in amount of the sale 3. Multiply by percent (use the percent key)

Provision for bad debts, A business had always made a provision for doubtfu...

A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa

A store receives $400 cash after offering a chain, A store receives $400 ca...

A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00

Enumerate about the income summary account, INCOME SUMMARY ACCOUNT This...

INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The

Classify the following items as, Classify the following items as (a) defer...

Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued reven

What is intangible assets, Q. What is Intangible Assets? Intangible Ass...

Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha

The use of ledger accounts, The use of ledger accounts A journal entry ...

The use of ledger accounts A journal entry is similar to a set of instructions. The execution of these instructions is known as posting. Since stated earlier posting is recordi

What careers can i do with these subjects, What careers can i do with these...

What careers can i do with these subjects?

Contract Account, contractee account is it an assets account or expenses Ac...

contractee account is it an assets account or expenses Account

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd