Review the Balance Sheet below and answer the following questions:
1) What kind of assets are account receivables?
2) Is there sufficient cash on hand and accounts receivable to pay for taxes and accounts payable?
3) What percentage of fixed assets is represented by land ownership?
|
Assets |
||
|
Current Assets
|
||
| Cash on Hand |
$10,000.00 |
|
| Accounts Receivable |
$25,000.00 |
|
| Inventory |
$15,000.00 |
|
|
Total Current Assets |
$50,000.00 |
|
|
Fixed Assets
|
||
| Garage and Equipment |
$40,000.00 |
|
| Less Depreciation |
($12,000.00) |
|
| Land Owned |
$8,000.00 |
|
| Other (Intangible Assets) |
$2,000.00 |
|
|
Total Fixed Assets |
$38,000.00 |
|
|
Total Assets |
$88,000.00 |
|
|
Liabilities & Shareholder Equities |
||
|
Liabilities
|
||
| Accounts Payable |
$20,000.00 |
|
| Taxes Payable |
$7,500.00 |
|
| Long-Term Loan |
$15,000.00 |
|
|
Total Liabilities |
$42,500.00 |
|
|
Shareholder Equity
|
||
| Common Stock |
$45,500.00 |
|
| Retained Earnings |
0 |
|
|
Total Shareholder Equity |
$45,500.00 |
|
|
Total Liabilities $ shareholder Equity |
$88,000.00 |
In recent years, the world of gambling has undergone a significant transformation, with online casinos…
Fortune Dragon Slot: Recursos Sociales y Compromiso del JugadorFortune Dragon se ha consolidado como uno…
Sweet Rush Bonanza Demo PlaySweet Rush Bonanza is the latest evolution in the popular Sweet…
Tripscan — это современный сервис для путешественников и туристов!Ищете, что такое Tripscan? Это удобный портал,…
"We just launched Marvel: Avengers Alliance on Facebook; which is just the tip of the…
It's a ton of fun getting to explore both Halloween and Christmas Town in Kingdom…