Solution 2-5 - In-Class Exercise 2-5 Solution Victory...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: In-Class Exercise 2-5 Solution Victory Company Balance Sheet December 31, 2012 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets 11,840 12,600 3,200 27,640 Property Plant & Equipment Land 61,200 Building 105,800 Less: Accumulated Depreciation (Building) 45,600 60,200 Equipment 82,400 Less Accumulated Depreciation (Equipment) 18,720 63,680 185,080 Total Assets 212,720 Liabilities and Stockholders’ Equity Current Liabilities Accounts Payable Mature Portion of Note Payable Interest Payable Total Current Liabilities Long-Term Liabilities Note Payable (93,600- 13,600) Total Liabilities 106,700 Stockholders’ Equity Common Stock Retained Earnings (40,000+6,020**) Total Stockholders Equity Total Liabilities and Stockholders’ Equity 212,720 9,500 13,600 3,600 26,700 80,000 60,000 46,020* 106,020 Retained Earnings = RE Beginning of year + Net Income – Dividends = 40,000+6,020- 0 = 46,020 ** Net Income = Revenues – Expenses = 14,700 – 780 - 5,300 – 2,600 = 6,020 ...
View Full Document

This note was uploaded on 12/14/2011 for the course ACCOUNTING 100 taught by Professor 1 during the Fall '11 term at Wisconsin.

Page1 / 2

Solution 2-5 - In-Class Exercise 2-5 Solution Victory...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online