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

Central Depository System, I am requesting for literature review and past s...

I am requesting for literature review and past studies on CDS.

A firm''s __________ account is categorized as a current, A firm's ________...

A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory

Adjustments for financial reporting, Adjustments for financial reporting ...

Adjustments for financial reporting - Explain the basic characteristics of the cash basis and the accrual basis of accounting. - Recognize the reasons why adjusting entries

How to get accounting exam help, Hi, How to get help with tutor, in account...

Hi, How to get help with tutor, in accounting exam prepartion? please suggest?

What do you mean by purchases account, Q. What do you eman by Purchases acc...

Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale

If alisha maintenance manufacturing has: total maintenance, If Alisha Maint...

If Alisha Maintenance manufacturing has:  total maintenance cost of $2,785,000  total fixed maintenance cost of $310,000  total variable maintenance cost of $2,475,000  total m

Example of adjustments for accrued items, Q. Example of Adjustments for acc...

Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one

Accounting , Jim owns and manages a small business, which provides an offic...

Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the

Audit Reports, Why it is important for independent auditor to be a member o...

Why it is important for independent auditor to be a member of a professional body?

Accounting and its functions, Accounting is frequently termed as the langua...

Accounting is frequently termed as the language of business. The fundamental function of any language is to function like a means of communication. In this circumstance, the reason

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