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Balance Sheet Curr Liabilities Current Assets Cash- Checking Princ Land mortgage due with 12 mo. Cash- Savings Accrued Interest (Land) Accounts Receivable Accrued Real Est Tax Crops: Inventory Total Current Liabilities Total Current Assets Noncurrent Liabilities Non-current Assets Princ Land Mortgage due after 12 mo. Depreciable Equip Total Noncurrent Liabilities Buildings Total Liabilities Land Net Worth Total NC Assets Total Liabilities + Net Worth Total Assets

Balance Sheet Curr Liabilities Current Assets Cash- Checking Princ Land mortgage due with 12 mo. Cash- Savings Accrued Interest (Land) Accounts Receivable Accrued Real Est Tax Crops: Inventory Total Current Liabilities Total Current Assets Noncurrent Liabilities Non-current Assets Princ Land Mortgage due after 12 mo. Depreciable Equip Total Noncurrent Liabilities Buildings Total Liabilities Land Net Worth Total NC Assets Total Liabilities + Net Worth Total Assets

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Balance Sheet Current Assets Curru. Liabilities Cash – Checking Princ Land mortgage due with 12 mo. Cash – Savings Accrued Interest (Land) Accounts Receivable Accrued Real Est Tax Crops: Inventory Total Current Liabilities Total Current Assets Noncurrent Liabilities Non-current Assets Princ Land Mortgage due after 12 mo. Depreciable Equip Total Noncurrent Liabilities Buildings Total Liabilities Land Net Worth Total NC Assets Total Liabilities + Net Worth Total Assets
Transcribed Image Text:Balance Sheet Current Assets Curru. Liabilities Cash – Checking Princ Land mortgage due with 12 mo. Cash – Savings Accrued Interest (Land) Accounts Receivable Accrued Real Est Tax Crops: Inventory Total Current Liabilities Total Current Assets Noncurrent Liabilities Non-current Assets Princ Land Mortgage due after 12 mo. Depreciable Equip Total Noncurrent Liabilities Buildings Total Liabilities Land Net Worth Total NC Assets Total Liabilities + Net Worth Total Assets
Balance Sheet Class Example Cash (checking) Cash (savings) Accrued Real Estate Taxes $2,000 $5,000 $650 $15,000 $6,000 $12,000 $250,000 $60,000 21,077.28 Accounts Receivable Crops in Inventory Market Value of Deprec Equipment Market Value of Land Market Value of Buildings 2021 Loan Payment Interest Owed next 12 months 16,030.61 There is an 8% 25 year term mortgage on the land that was started on February 1, 2019 with payments due annually on February 1. The amount was $225,000. 1. Complete the balance sheet 2. Calculate and report the three liquidity ratios and the three solvency ratios using the information from the balance sheet.
Transcribed Image Text:Balance Sheet Class Example Cash (checking) Cash (savings) Accrued Real Estate Taxes $2,000 $5,000 $650 $15,000 $6,000 $12,000 $250,000 $60,000 21,077.28 Accounts Receivable Crops in Inventory Market Value of Deprec Equipment Market Value of Land Market Value of Buildings 2021 Loan Payment Interest Owed next 12 months 16,030.61 There is an 8% 25 year term mortgage on the land that was started on February 1, 2019 with payments due annually on February 1. The amount was $225,000. 1. Complete the balance sheet 2. Calculate and report the three liquidity ratios and the three solvency ratios using the information from the balance sheet.
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