This preview shows page 1. Sign up to view the full content.
Unformatted text preview: s Liabilities Ac c ounts pay able and other c urrent liabilities Longterm debt Other liabilities Total Liabilities Stockholders’ Equity Contributed c apital Retained earnings Total Stoc k holders ’ Equity Total Liabilities and Stoc k holders ’ Equity ¥ 4,237 ± 1% 1,933 ± 1% 1,519 ± 1% 7,689 ± 1% 259 ± 1% 3,871 ± 1% 4,130 ± 1% ¥ 11,819 ± 1% [The following information applies to the questions displayed below.] Carlos Ramirez and Camila Garz a organiz ed New World Book Store as a c orporation; eac h c ontributed
$70,000 c as h to s tart the bus ines s and rec eiv ed 4,000 s hares of c ommon s toc k . The s tore c ompleted its
firs t y ear of operations on Dec ember 31, 2011. On that date, the following financ ial items for the y ear were
determined: Dec ember 31, 2011, c as h on hand and in the bank , $68,350; Dec ember 31, 2011, amounts
due from c us tomers from s ales of book s , $39,000; unus ed portion of s tore and offic e equipment, $72,000;
Dec ember 31, 2011, amounts owed to publis hers for book s purc has ed, $12,000; oney ear note pay able to
a loc al bank for $3,000. No div idends were dec lared or paid to the s toc k holders during the y ear. 5. awar d: 0.16 out of
2. What was...
View Full Document
This homework help was uploaded on 02/23/2014 for the course BUSE 30000 taught by Professor N/a during the Winter '12 term at UChicago.
- Winter '12