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.

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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
Transcribed Image Text: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.
<>
Transcribed Image Text: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. <>
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