FMGT 2293 Chapter 2 Assignment Solution 292[1]

FMGT 2293 Chapter 2 Assignment Solution 292[1] - FMGT 2293...

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FMGT 2293 Chapter 2 Assignment Solution 292 2-34 Tree Top Restaurant Ltd. Balance Sheet As at December 31, 2008 ASSETS Current assets Cash $ 63,000 Accounts receivable 100,000 Inventory 46,000 Prepaid insurance 8,000 Total current assets $217,000 Non-current assets Furniture and equipment 70,000 Buildings 220,000 Land 100,000 Total Assets $607,000 LIABILITIES & SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $82,000 Taxes payable 5,000 Wages payable 10,000 Total Current Liabilities 97,000 Bank loan 250,000 Total liabilities 347,000 Shareholders’ equity Common shares $ 200,000 Retained earnings 60,000 Total Shareholders’ equity 260,000 Total Liabilities and Shareholders’ Equity $607,000
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2-36 a) Assets = Liabilities + Shareholders’ Equity 1. +$200,000 (cash) = + +$200,000 (common shares) 2. +$100,000 (cash) = +$100,000 (bank loan) 3. +$220,000 [land $70,000 and building $150,000] -$220,000 (cash) 4. 5.
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This note was uploaded on 09/25/2010 for the course FMGT FMGT 2293 taught by Professor Hamere. during the Summer '09 term at Langara.

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FMGT 2293 Chapter 2 Assignment Solution 292[1] - FMGT 2293...

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