project 1 (a) Balance Sheet

project 1 (a) Balance Sheet - Account Payable $89,300...

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Project 1 (a) Wiley Department Store Balance Sheet For the Year Ended December 31, 2005 Assets Current Assets Cash $23,000 Accounts Receivable $50,300 Merchandise Inventory $70,000 Prepaid Insurance $2,400 Total Current Assets $145,700 Property, Plant, and Equipment Building $190,000 Less: Accumulated Depreciation- Building $52,500 Accumulated Depreciation- Equipment $42,900 Equipment $110,000 Total Assets $350,300 Liabilities and Stockholders' Equity Current Liabilities
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Unformatted text preview: Account Payable $89,300 Mortgage Payable due next year $20,000 Property taxes Payable $4,800 Sales Commissions Payable $3,500 Interest Payable $8,000 Total Current Liabilities $125,600 Long Term Liabilities Mortagae payable $60,000 Total liabilities $185,600 Stockholders' Equity Common Stock $150,000 Retained Earning $14,700 $164,700 Total Liabilities and Stockholders' equity $350,300...
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