TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012) Assets Liabilities (a) Current assets () Current liabilities Accounts payable $306,820.29 Cash on hand and on deposit Notes receivable, current - $389,927.04 16,629.39 Due subcontractors 713,991.66 Accounts receivable, including retainage of $265,686.39 Deposits and miscellaneous receivables Inventory-construction material Prepaid expenses Total Accrued expenses and taxes Equipment contracts, current Provision for income taxes 50,559.69 1,222,346.26 15,867.80 2,838.60 97,816.66 1,171,826.90 26,530.14 Total 8,490.68 1,679,791.31 (g) Deferred credits Income billed on jobs in progress at 31 December 19X4 Costs incurred to 31 December 19X4 on uncompleted jobs 2,728,331.36 (b) Notes receivable, non-current 12,777.97 (c) Property Buildings Construction equipment 2,718,738.01 9,593.35 1,181,420.25 5,244.50 188,289.80 Total current liabilities Equipment contracts, non-current (h) Total liabilities 7,477.72 1,188,897.97 Motor vehicles 37,576.04 Office furniture and equipment 13,596.18 244,706.52 Total Net worth (d) Less accumulated depreciation Net property 102,722.51 141,984.01 (i) Common stock, 4,610 shares Retained earnings 461,000.00 184,655.32 (0) Total net worth 645,655.32 (e) Total assets 1,834,553.29 (k) Total liabilities and net worth 1,834,553.29
TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012) Assets Liabilities (a) Current assets () Current liabilities Accounts payable $306,820.29 Cash on hand and on deposit Notes receivable, current - $389,927.04 16,629.39 Due subcontractors 713,991.66 Accounts receivable, including retainage of $265,686.39 Deposits and miscellaneous receivables Inventory-construction material Prepaid expenses Total Accrued expenses and taxes Equipment contracts, current Provision for income taxes 50,559.69 1,222,346.26 15,867.80 2,838.60 97,816.66 1,171,826.90 26,530.14 Total 8,490.68 1,679,791.31 (g) Deferred credits Income billed on jobs in progress at 31 December 19X4 Costs incurred to 31 December 19X4 on uncompleted jobs 2,728,331.36 (b) Notes receivable, non-current 12,777.97 (c) Property Buildings Construction equipment 2,718,738.01 9,593.35 1,181,420.25 5,244.50 188,289.80 Total current liabilities Equipment contracts, non-current (h) Total liabilities 7,477.72 1,188,897.97 Motor vehicles 37,576.04 Office furniture and equipment 13,596.18 244,706.52 Total Net worth (d) Less accumulated depreciation Net property 102,722.51 141,984.01 (i) Common stock, 4,610 shares Retained earnings 461,000.00 184,655.32 (0) Total net worth 645,655.32 (e) Total assets 1,834,553.29 (k) Total liabilities and net worth 1,834,553.29
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Practice Pack
Given the
(a)
(b) Quick ratio
(c) Debt-equity ratio
Review table P3.2 image below
Transcribed Image Text:TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012)
Assets
Liabilities
(f) Current liabilities
Accounts payable
(a) Current assets
Cash on hand and on deposit
Notes receivable, current -
$389,927.04
16,629.39
$306,820.29
713,991.66
50,559.69
2,838.60
Due subcontractors
Accounts receivable, including
retainage of $265,686.39
Deposits and miscellaneous receivables
Inventory-construction material
Prepaid expenses
Accrued expenses and taxes
Equipment contracts, current
1,222,346.26
15,867.80
Provision for income taxes
97,816.66
Total
1,171,826.90
26,530.14
8,490.68
1,679,791.31
(g) Deferred credits
Income billed on jobs in
progress at 31 December 19X4
Costs incurred to 31 December
Total
2,728,331.36
(b) Notes receivable, non-current
12,777.97
19X4 on uncompleted jobs
(c) Property
Buildings
Construction equipment
2,718,738.01
9,593.35
1,181,420.25
5,244.50
188,289.80
37,576.04
13,596.18
244,706.52
Total current liabilities
Equipment contracts, non-current
(h) Total liabilities
7,477.72
1,188,897.97
Motor vehicles
Office furniture and equipment
Total
Net worth
(d) Less accumulated depreciation
Net property
102,722.51
141,984.01
(i) Common stock, 4,610 shares
Retained earnings
461,000.00
184,655.32
645,655.32
(0) Total net worth
ke) Total assets
1,834,553.29
(k) Total liabilities and net worth
1,834,553.29
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