What is the owner's equity? A. $ 461,000.00 B. $ 360,137.00 C. $ 645,655.32 D. $ 375,137.00

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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What is the owner's equity?
A. $ 461,000.00
B. $ 360,137.00
C. $ 645,655.32
D. $ 375,137.00

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