Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital Total 155500 Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet

Current assets: Short-term liabilities: Bills payable 40625 Account payable (A/P) 28000 Long-Term Liabilities: bonds payable 82350 Long-term notes payable. Owners' Equity: Cash 22000 22000 Account receivable(A/R) Ending inventory Fixed assets: 35000 Machinery and equipment Intangible assets: Patents 40000 54900 Capital Total 155500 Total 274500 If you know Current assets 50% from total assets, fixed assets 30% from total assets, Intangible assets 20% from total assets, Cash 50% from Current assets R/ Complete the balance sheet

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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Question

100%

The bookkeeper for Geronimo Company has prepared the following
balance sheet at 31/12/2007
Balance sheet for (Geronimo Company) at 31/12/2007
liabilities and owner equity
Assets
ID
ID
Current assets:
Short-term liabilities:
Bills payable
40625 Account payable (A/P)
28000 Long-Term Liabilities:
bonds payable
82350 Long-term notes payable.
Owners' Equity:
Cash
22000
22000
Account receivable(A/R)
Ending inventory
Fixed assets:
35000
Machinery and equipment
Intangible assets:
Patents
40000
54900 Capital
155500
Total
Total
274500
If you know Current assets 50% from total assets, fixed assets 30% from
total assets, Intangible assets 20% from total assets, Cash 50% from
Current assets
R/ Complete the balance sheet

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