SP02 - Student Name Instructor Class McGraw-Hill/Irwin...

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Student Name: Instructor Class: McGraw-Hill/Irwin Problem 02-04A NETTLE DISTRIBUTION Balance Sheet December 31, 2012 Assets Liabilities Cash $64,300 Accounts payable $3,500 Accounts receivable 26,240 Office supplies 3,160 Trucks 148,000 Equity Office equipment 44,000 Total equity 282,200 Total assets $285,700 Total liabilities and equity $285,700 Correct! Correct! NETTLE DISTRIBUTION Balance Sheet December 31, 2013 Assets Liabilities Cash $15,640 Accounts payable $33,500 Accounts receivable 19,390 Note payable 40,000 Office supplies 1,960 Total liabilities $73,500 Trucks 157,000 Office equipment
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Unformatted text preview: 44,000 Building 80,000 Owner's Equity Land 60,000 Total equity 304,490 Total Assets $377,990 Total liabilities and equity $377,990 Correct! Correct! NETTLE DISTRIBUTION Computation of 2013 Net Income Equity, December 31, 2012 $282,200 Equity, December 31, 2013 (304,490) Increase in equity in 2013 $22,290 Correct! Owner investment 35,000 Add net income 23,290 «- Correct! Deduct dividends (36,000) Increase in equity during 2013 $22,290 Correct! NETTLE DISTRIBUTION Debt Ratio Calculation Debt Ratio 19.4% Correct!...
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  • Fall '13
  • Balance Sheet, Generally Accepted Accounting Principles, $3,500, NETTLE DISTRIBUTION, $15,640 19,390 1,960 157,000 44,000 80,000 60,000

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