How do I prepare a balance Sheet in a proper format 14. The accountant for XYZ Companyprepared the following balance sheet:XYZ CompanyBalance SheetForthe Year Ended December 31st, 2XXXCash$88,000Accounts Receivable$45,000Inventory$64,000Building-net$96,000Land$50,000Goodwill$60,000XYZ Company Stock$10,000Investments$55,000Supplies$ 2,000Total Assets$470,000You have been made aware of the followinginformation.1) The company expects that $6,000 of theaccounts receivable will not be collected.2) Accumulated depreciation related to thebuilding is $26,0003) Goodwill had originally cost $40,000 and You have been made aware of the followinginformation.1) The company expects that $6,000 of theaccounts receivable will not be collected.2) Accumulated depreciation related to thebuilding is $26,0003) Goodwill had originally cost $40,000 andthe $60,000 represents an estimated fair valueas of December 31st.4) Investments are intended to be sold withinone year5) Supplies are used up approximately every 2months.6) The bonds payable is due to investors in 10years7) $6,000 of the long term debt is due 6months from now8) Common stock issued has a total par valueof $1,000 and the company originally received$25,000 when the stock was issued. Thereare 100,000 shares authorized, and 50,000shares issued.9) The company paid $10,000 to purchase4,000 shares of their own stock10) The company estimates it will oweincome taxes of $13,000. The tax return hasnot yet been finalized and filed.<>

The Assets section of the Balance Sheet as on 31 December 2XXX is given. Required Prepare Balance…

Answered: 14. The accountant for XYZ Company…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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How do I prepare a balance Sheet in a proper format

14. The accountant for XYZ Company
prepared the following balance sheet:
XYZ Company
Balance Sheet
Forthe Year Ended December 31st, 2XXX
Cash
$88,000
Accounts Receivable
$45,000
Inventory
$64,000
Building-net
$96,000
Land
$50,000
Goodwill
$60,000
XYZ Company Stock
$10,000
Investments
$55,000
Supplies
$ 2,000
Total Assets
$470,000
You have been made aware of the following
information.
1) The company expects that $6,000 of the
accounts receivable will not be collected.
2) Accumulated depreciation related to the
building is $26,000
3) Goodwill had originally cost $40,000 and

You have been made aware of the following
information.
1) The company expects that $6,000 of the
accounts receivable will not be collected.
2) Accumulated depreciation related to the
building is $26,000
3) Goodwill had originally cost $40,000 and
the $60,000 represents an estimated fair value
as of December 31st.
4) Investments are intended to be sold within
one year
5) Supplies are used up approximately every 2
months.
6) The bonds payable is due to investors in 10
years
7) $6,000 of the long term debt is due 6
months from now
8) Common stock issued has a total par value
of $1,000 and the company originally received
$25,000 when the stock was issued. There
are 100,000 shares authorized, and 50,000
shares issued.
9) The company paid $10,000 to purchase
4,000 shares of their own stock
10) The company estimates it will owe
income taxes of $13,000. The tax return has
not yet been finalized and filed.
<>

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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