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Problem 12-1A Corporate balance sheet preparation LO2 Account Description Accounts payable Accounts receivable Account Balance* $ 21,300 68,100 51,300 Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable 149,700 63,300 3,900 Allowance for doubtful accounts Cash 4,500 29,700 Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $10.50; market price per share on March 31, 2020, was $11.70 ? Equipment 477,000 Income tax payable 56,100 153,000 Notes payable** Patent 116,100 Prepaid rent 56,100 Retained earnings ? 28,500 Unearned revenues Vehicles 82,500 "Assume that all accounts have normal balances. **$69,000 of the notes payable will be paid by March 31, 2021. Required: Using the information from the alphabetized post-closing trial balance above, prepare a classified balance sheet for Sassy Pharmaceuticals Inc. as at March 31, 2020. (Enter all amounts as positive values. Enter the balance sheet items in the order iquidity.) SASSY PHARMACEUTICALS INC. Balance Sheet March 31, 2020 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Intangible assets Total property, plant and equipment Intangible assets Total assets Liabilities Current liabilities Total current liabilities Non Current liabilities Total liabilities Equity Contributed capital Total equity Tntal liahilities and on its Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) 4 Asset financed by debt % 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) % Asset financed by equity

Problem 12-1A Corporate balance sheet preparation LO2 Account Description Accounts payable Accounts receivable Account Balance* $ 21,300 68,100 51,300 Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable 149,700 63,300 3,900 Allowance for doubtful accounts Cash 4,500 29,700 Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $10.50; market price per share on March 31, 2020, was $11.70 ? Equipment 477,000 Income tax payable 56,100 153,000 Notes payable** Patent 116,100 Prepaid rent 56,100 Retained earnings ? 28,500 Unearned revenues Vehicles 82,500 "Assume that all accounts have normal balances. **$69,000 of the notes payable will be paid by March 31, 2021. Required: Using the information from the alphabetized post-closing trial balance above, prepare a classified balance sheet for Sassy Pharmaceuticals Inc. as at March 31, 2020. (Enter all amounts as positive values. Enter the balance sheet items in the order iquidity.) SASSY PHARMACEUTICALS INC. Balance Sheet March 31, 2020 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Intangible assets Total property, plant and equipment Intangible assets Total assets Liabilities Current liabilities Total current liabilities Non Current liabilities Total liabilities Equity Contributed capital Total equity Tntal liahilities and on its Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) 4 Asset financed by debt % 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) % Asset financed by equity

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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Problem 12-1A Corporate balance sheet preparation LO2 Account Description Accounts payable Accounts receivable Account Balance* $ 21,300 68,100 51,300 Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable 149,700 63,300 3,900 Allowance for doubtful accounts Cash 4,500 29,700 Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $10.50; market price per share on March 31, 2020, was $11.70 Equipment 477,000 Income tax payable 56,100 Notes payable** 153,000 Patent 116,100 Prepaid rent 56,100 Retained earnings ? 28,500 Unearned revenues Vehicles 82,500 "Assume that all accounts have normal balances. **$69,000 of the notes payable will be paid by March 31, 2021. Required: Using the information from the alphabetized post-closing trial balance above, prepare a classified balance sheet for Sassy Pharmaceuticals Inc. as at March 31, 2020. (Enter all amounts as positive values. Enter the balance sheet items in the order of liquidity.) SASSY PHARMACEUTICALS INC. Balance Sheet March 31, 2020 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Intangible assets ces Total property, plant and equipment Intangible assets Total assets Current liabilities Liabilities Non Current liabilities Total liabilities Equity Contributed capital Total equity Tntal liahilities and on it Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debt % ces 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) % Asset financed by equity Total current liabilities 4
Transcribed Image Text:Problem 12-1A Corporate balance sheet preparation LO2 Account Description Accounts payable Accounts receivable Account Balance* $ 21,300 68,100 51,300 Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable 149,700 63,300 3,900 Allowance for doubtful accounts Cash 4,500 29,700 Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $10.50; market price per share on March 31, 2020, was $11.70 Equipment 477,000 Income tax payable 56,100 Notes payable** 153,000 Patent 116,100 Prepaid rent 56,100 Retained earnings ? 28,500 Unearned revenues Vehicles 82,500 "Assume that all accounts have normal balances. **$69,000 of the notes payable will be paid by March 31, 2021. Required: Using the information from the alphabetized post-closing trial balance above, prepare a classified balance sheet for Sassy Pharmaceuticals Inc. as at March 31, 2020. (Enter all amounts as positive values. Enter the balance sheet items in the order of liquidity.) SASSY PHARMACEUTICALS INC. Balance Sheet March 31, 2020 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Intangible assets ces Total property, plant and equipment Intangible assets Total assets Current liabilities Liabilities Non Current liabilities Total liabilities Equity Contributed capital Total equity Tntal liahilities and on it Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debt % ces 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) % Asset financed by equity Total current liabilities 4
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