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Business
Finance
Assets Current assets Cash Accounts receivable Inventory Total Total assets Fixed assets Net plant and equipment $333,695 Sales Cost of goods sold Depreciation Taxable income Taxes (24%) 2020 Earnings before interest and taxes Interest paid Net income $24,136 $25,000 13,348 16,100 26,722 28,000 $ 64,206 $69,100 SMOLIRA GOLF CORPORATION 2021 Income Statement Dividends SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 $ 363,900 $397,901 $ 433,000 $ 29,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total Total liabilities and owners' equity $383,818 257,000 48,300 $78,518 15,200 $63,318 15,196 $ 48,122 2020 $24,084 $ 28,000 19,000 11,700 12,471 18,300 $ 55,555 $ 58,000 $78,000 $91,532 2021 $60,000 $60,000 204,346 223,468 $ 264,346 $397,901 $ 283,468 $ 433,000

Assets Current assets Cash Accounts receivable Inventory Total Total assets Fixed assets Net plant and equipment $333,695 Sales Cost of goods sold Depreciation Taxable income Taxes (24%) 2020 Earnings before interest and taxes Interest paid Net income $24,136 $25,000 13,348 16,100 26,722 28,000 $ 64,206 $69,100 SMOLIRA GOLF CORPORATION 2021 Income Statement Dividends SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 $ 363,900 $397,901 $ 433,000 $ 29,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total Total liabilities and owners' equity $383,818 257,000 48,300 $78,518 15,200 $63,318 15,196 $ 48,122 2020 $24,084 $ 28,000 19,000 11,700 12,471 18,300 $ 55,555 $ 58,000 $78,000 $91,532 2021 $60,000 $60,000 204,346 223,468 $ 264,346 $397,901 $ 283,468 $ 433,000

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Prepare a 2021 balance sheet for Willis Corporation based on the following information:

Cash = $138,000

Patents and copyrights = $630,000

Accounts payable = $216,500

Accounts receivable = $160,000

Tangible net fixed assets = $1,645,000

Inventory = $298,500

Notes payable = $155,000

Accumulated retained earnings = $1,256,000

Long-term debt = $856,000.

(Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.

Terms: Accounts payable, Accounts receivable, Accumulated cash retained earnings, Cash, Common stock, Intangible net fixed assets, Inventory, Long-term debt, Notes Payable, Notes Receivable, Tangible net fixed assets.

Assets Current assets Cash Accounts receivable Inventory Total Total assets Fixed assets Net plant and equipment $333,695 Sales Cost of goods sold Depreciation Taxable income Taxes (24%) 2020 Earnings before interest and taxes Interest paid Net income $24,136 $25,000 13,348 26,722 28,000 16,100 $ 64,206 $69,100 SMOLIRA GOLF CORPORATION 2021 Income Statement Dividends Retained earnings SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities $ 363,900 $397,901 $ 433,000 $ 29,000 19,122 Accounts payable Notes payable Other Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total Total liabilities and owners' equity $383,818 257,000 48,300 $78,518 15,200 $ 63,318 15,196 $ 48,122 2020 $24,084 $28,000 19,000 12,471 2021 $ 55,555 $ 58,000 $78,000 $91,532 $ 264,346 11,700 18,300 $60,000 $60,000 204,346 223,468 $ 397,901 $ 283,468 $ 433,000
Transcribed Image Text:Assets Current assets Cash Accounts receivable Inventory Total Total assets Fixed assets Net plant and equipment $333,695 Sales Cost of goods sold Depreciation Taxable income Taxes (24%) 2020 Earnings before interest and taxes Interest paid Net income $24,136 $25,000 13,348 26,722 28,000 16,100 $ 64,206 $69,100 SMOLIRA GOLF CORPORATION 2021 Income Statement Dividends Retained earnings SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities $ 363,900 $397,901 $ 433,000 $ 29,000 19,122 Accounts payable Notes payable Other Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total Total liabilities and owners' equity $383,818 257,000 48,300 $78,518 15,200 $ 63,318 15,196 $ 48,122 2020 $24,084 $28,000 19,000 12,471 2021 $ 55,555 $ 58,000 $78,000 $91,532 $ 264,346 11,700 18,300 $60,000 $60,000 204,346 223,468 $ 397,901 $ 283,468 $ 433,000
Total assets Assets WILLIS CORPORATION Balance Sheet Liabilities and Equity Current liabilites Total liabilities Total liabilities & owners' equity
Transcribed Image Text:Total assets Assets WILLIS CORPORATION Balance Sheet Liabilities and Equity Current liabilites Total liabilities Total liabilities & owners' equity
Expert Solution
Step 1

                        WILLIS CORPORATION

                               Balance Sheet

Assets Amount ($) Liabilities and Equity Amount ($)
       
Cash 138,000 Accounts Payable 216,500
Accounts Receivable 160,000 Notes Payable 155,000
Inventory 298,500 Current Liabilities 361,500
Current Assets 596,500 Long term debt 856,000
    Total Liabilities 1,227,500
Tangible Net Fixed Assets 1,645,000 Owners' Equity (Bal. Figure) 388,000
Patents and Copyrights 630,000 Accumulated Retained Earnings 388,000
       
Total Assets 2,871,500 Total Liabilities and Owners' Equity 2,871,500
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