Prepaid advertising 53,000 44,250 Total current assets $4 102,250 2$ 88,000 Plant and equipment: Building (net) 2$ 119,500 $ 125,250 Land 87,500 87,500 Total plant and equipment 2$ 207,000 24 212,750 Total assets $4 309,250 24 300,750 Liabilities Current liabilities: Accounts payable 2$ 131,250 2$ 119,500 Salaries payable 21,750 17,500 Total current liabilities 153,000 24 137,000 Long-term liabilities: Mortgage note payable 98,250 86,500 Total liabilities $ 251,250 223,500 Owner's Equity J. Brown, capital 58,000 77,250 Total liabilities and owner's equity 24 309,250 24 300,750
Prepaid advertising 53,000 44,250 Total current assets $4 102,250 2$ 88,000 Plant and equipment: Building (net) 2$ 119,500 $ 125,250 Land 87,500 87,500 Total plant and equipment 2$ 207,000 24 212,750 Total assets $4 309,250 24 300,750 Liabilities Current liabilities: Accounts payable 2$ 131,250 2$ 119,500 Salaries payable 21,750 17,500 Total current liabilities 153,000 24 137,000 Long-term liabilities: Mortgage note payable 98,250 86,500 Total liabilities $ 251,250 223,500 Owner's Equity J. Brown, capital 58,000 77,250 Total liabilities and owner's equity 24 309,250 24 300,750
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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