Case study 4

Case study 4 - Long-term liabilities: Loan from father...

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Julie Rowe Balance Sheet As of 12/31/2008 Assets Current: Cash $1,000 Supplies 4,750 Inventory 19,250 Total Current: 25,000 Fixed: Service Truck 50,000 Gas Tank 1,000 Office Equipment 4,000 55,000 Accumulated depreciation -11,000 Total Fixed: 44,000 Total Assets $69,000 Liabilities and Owner's Equity Current: Bank 10,000 Total Current: 10,000
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Unformatted text preview: Long-term liabilities: Loan from father $10,000 First National loan 40,000 Total Long-term 50,000 Total Liabilities $60,000 Owners Equity: Net Income 26,330 less: family living expense-28,000 Retained earnings 12/31/2008-1,670 Total Liabilities and Owners Equity: $68,330...
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