The trial balance for a company listed the following account balances at December 31, Year 1, the end of its fiscal year: cash, $34,000; accounts receivable, $29,000; inventory, $43,000; equipment (net), $98,000; accounts payable, $32,000; salaries payable, $14,000; interest payable, $10,000; notes payable (due in 18 months), $48,000; common stock, $86,000. Prepare a classified balance sheet for the company. The equipment originally cost $175,000. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Total current assets Property, plant, and equipment. The Company Balance Sheet At December 31, Year 1 Net property, plant, and equipment Total assets Current liabilities: Assets Liabilities and Shareholders' Equity

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: Yuduryhej rjj

A: feel free to ask me any question within my capacity and I'm willing to help.

Q: Prev

A: The Loan provided to friends is clearly a “Non-Business” loan and so it is to be treated as…

Q: McGown Corporation has the following information: Raw Materials Inventory Work in Process Inventory…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: What are ADRs?

A: Answer: An American depositary receipt (ADR) is a negotiable asset that denotes a non-US company…

Q: Definition of Marco

A: Macroeconomics is the study of how the economy behaves in broad outline. It is largely concerned…

Q: What is the after announcment?  This is from question a.

A: Debt Value = $2,700,000Current Debt-to-equity ratio = 30%Increased Debt-to-equity ratio = 50%EBIT =…

Q: Define agent

A: Introduction: An agent is a party that has oral or written authority to perform for another…

Q: Whatisthedifferencebetweensimpleinterestandcompoundinterest?

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: Section 1250 summary

A: Section 1250 of the United States Internal Revenue Code is a rule wherein IRS will tax a gain from…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: was due inancial State nc. should report

A:

Q: What is FASB ASC Topic 842 about?

A: FASB ASC is the authoritative source of U.S. Generally Accepted Accounting Principles (GAAP)…

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

Q: what is a P&L

A: P & L : P & L is defined as the Profit and loss statement.  In financial accounting, the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is