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

Explain about traditional accounting theory, Q. Explain about Traditional a...

Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention

What do you mean by contingent liabilities, Q. What do you mean by Continge...

Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a

Uoit has recently appointed you to prepare an independent, UOIT has recentl...

UOIT has recently appointed you to prepare an independent consulting report to analyze the university's current financial position and to provide some recommendations for improve

Prepare a narrative describing the transaction cycle process, Assignment: ...

Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,

Uses of funds flow statement, Uses of Funds Flow Statement :  This decla...

Uses of Funds Flow Statement :  This declaration is extremely helpful for policy makers as it traces the movement of funds inside the organization.  Various of the uses include

Explain about amortize, Q. Explain about Amortize? Amortize -- to charg...

Q. Explain about Amortize? Amortize -- to charge a regular part of an expenditure over a fixed period of time. Forinstance if something cost $100 and is to be amortized over te

Accounts, what is the accounting concepts and conventions? and what is the ...

what is the accounting concepts and conventions? and what is the procedure to follow the accounting formats

Can you explain about balance sheet, Q. Can you explain about balance sheet...

Q. Can you explain about balance sheet? The balance sheet, sometimes called as the statement of financial position lists the liabilities, company's assets and stockholders' equ

Example of net purchases, Q. Example of Net purchases? Only the descrip...

Q. Example of Net purchases? Only the description would change. If Hanlon had previously paid the account the debit would be to Cash instead of Accounts Payable ever since Hanl

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

Write Your Message!

Captcha
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!

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