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Unformatted text preview: E5-21. B2. F3. A4. E5. C6. DAP5-1Carpet BazaarConsolidated Balance SheetAt December 31, 2008AssetsCurrent AssetsCash35,000Carpet Inventory118,000Accounts Receivable47,500Prepaid Insurance1,300Total Current Assets201,800Non-Current AssetsStore Equipment51,000Used Store Equipment3,500 Long-Term Investments32,000Fixed AssetsOther AssetsTotal Assets288,300LiabilitiesCurrent LiabilitiesAccounts Payable45,000Income Taxes Payable6,000Accumulated Depreciation (store equipment)10,200Total Current Liabilities61,200Long-Term LiabilitiesLong-Term Notes Payable26,000Total Liabilities87,200Stockholder’s EquityContributed CapitalCommon Stock100,000Additional Paid In Capital25,000Retained Earnings76,100Total Stockholder’s Equity201,100Total Liabilities + Stockholder’s Equity288,300Net book value of store equipment = 51,000-10,200 = $40,800This value represents the amount the store equipment was purchased for minus the accumulated depreciation, depletion or amortization (in this case, accumulated...
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- Fall '07
- Generally Accepted Accounting Principles, Liabilities Current Liabilities, liabilities Long-term liabilities