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 |
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