This document provides the balance sheet as of January 31 for an accounting class. It lists current assets of $100,000 including cash, accounts receivable, and prepaid rent. Non-current assets total $227,000 including land, inventory, furniture less depreciation. Current liabilities are $21,800 and non-current liabilities are $120,000. The capital is calculated to be $185,200 using the equation that owners' equity equals assets minus liabilities.
This document provides the balance sheet as of January 31 for an accounting class. It lists current assets of $100,000 including cash, accounts receivable, and prepaid rent. Non-current assets total $227,000 including land, inventory, furniture less depreciation. Current liabilities are $21,800 and non-current liabilities are $120,000. The capital is calculated to be $185,200 using the equation that owners' equity equals assets minus liabilities.
This document provides the balance sheet as of January 31 for an accounting class. It lists current assets of $100,000 including cash, accounts receivable, and prepaid rent. Non-current assets total $227,000 including land, inventory, furniture less depreciation. Current liabilities are $21,800 and non-current liabilities are $120,000. The capital is calculated to be $185,200 using the equation that owners' equity equals assets minus liabilities.
This document provides the balance sheet as of January 31 for an accounting class. It lists current assets of $100,000 including cash, accounts receivable, and prepaid rent. Non-current assets total $227,000 including land, inventory, furniture less depreciation. Current liabilities are $21,800 and non-current liabilities are $120,000. The capital is calculated to be $185,200 using the equation that owners' equity equals assets minus liabilities.
1102AFE Accounting for Decision Making Trimester 1 2017
Balance Sheet at 31 January.
Total of the Current Assets Total of the Non-Current Assets
Cash at bank $50,000 Land $175,000
Accounts receivable $48,600 Inventory $40,000 Prepaid rent $1,400 Office furniture $14,000 Total $100,000 LESS Furniture Depreciation $2,000 Total $227,000
Total of the Current Liabilities Total of the Non-Current Liabilities
Accounts payable $20,000 Loan payable--long term $120,000
Unearned revenue $1,800 Total $120 000 Total $21,800
Prove that the amount of Capital is $185,200
OE = A L OE = (Total Current assets + Total Non-current Assets) (Total Current Liabilities + Non current liabilities) OE = (100,000 + 227,000) (21,800+120,000) OE = $185,200