The values of the missing balance sheet of Fawcett’s Plumbing Supplies.

Question

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Answer 1

Question

Chapter 21, Problem 1ES

To determine

To calculate: The values of the missing balance sheet of Fawcett’s Plumbing Supplies.

Expert Solution & Answer

Answer to Problem 1ES

Solution:

The completed balance sheet is as shown below,

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Explanation of Solution

Given Information:

The incomplete balance sheet is given as,

Balance sheet
Assets	Amount ($)
Current assets
Cash
Office supplies
Account receivable
Total current assets
Plant and equipment
Equipment
Total plant and equipment
Total assets

Liabilities
Current liabilities
Account payable
Wages payable
Property and taxes payable
Total current liabilities

Owner's equity
Capital
Total liabilities and owner's equity

Calculation:

Consider the provided incomplete balance sheet,

In order to get the missing figures,

First, add the total current assets and total plant and equipment to get total assets,

Total current assets=$1724+$173+$9374=$11271

Now, add the total current assets and total plant and equipment to get total assets,

Total assets=$11,271+$12,187=$23,458

Then, add the current liabilities to get total liabilities,

Total current liabilities=$2174+$674+$250=$3098

Then, total liabilities and capital to match the both sides of the balance sheet.

Total liabilities and owner's equity=$3098+$20360=$23458

So, the balance sheet will be like as follows;

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

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Answer 2

Question

Chapter 21, Problem 1ES

To determine

To calculate: The values of the missing balance sheet of Fawcett’s Plumbing Supplies.

Expert Solution & Answer

Answer to Problem 1ES

Solution:

The completed balance sheet is as shown below,

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Explanation of Solution

Given Information:

The incomplete balance sheet is given as,

Balance sheet
Assets	Amount ($)
Current assets
Cash
Office supplies
Account receivable
Total current assets
Plant and equipment
Equipment
Total plant and equipment
Total assets

Liabilities
Current liabilities
Account payable
Wages payable
Property and taxes payable
Total current liabilities

Owner's equity
Capital
Total liabilities and owner's equity

Calculation:

Consider the provided incomplete balance sheet,

In order to get the missing figures,

First, add the total current assets and total plant and equipment to get total assets,

Total current assets=$1724+$173+$9374=$11271

Now, add the total current assets and total plant and equipment to get total assets,

Total assets=$11,271+$12,187=$23,458

Then, add the current liabilities to get total liabilities,

Total current liabilities=$2174+$674+$250=$3098

Then, total liabilities and capital to match the both sides of the balance sheet.

Total liabilities and owner's equity=$3098+$20360=$23458

So, the balance sheet will be like as follows;

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

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Answer 3

Question

Chapter 21, Problem 1ES

To determine

To calculate: The values of the missing balance sheet of Fawcett’s Plumbing Supplies.

Expert Solution & Answer

Answer to Problem 1ES

Solution:

The completed balance sheet is as shown below,

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Explanation of Solution

Given Information:

The incomplete balance sheet is given as,

Balance sheet
Assets	Amount ($)
Current assets
Cash
Office supplies
Account receivable
Total current assets
Plant and equipment
Equipment
Total plant and equipment
Total assets

Liabilities
Current liabilities
Account payable
Wages payable
Property and taxes payable
Total current liabilities

Owner's equity
Capital
Total liabilities and owner's equity

Calculation:

Consider the provided incomplete balance sheet,

In order to get the missing figures,

First, add the total current assets and total plant and equipment to get total assets,

Total current assets=$1724+$173+$9374=$11271

Now, add the total current assets and total plant and equipment to get total assets,

Total assets=$11,271+$12,187=$23,458

Then, add the current liabilities to get total liabilities,

Total current liabilities=$2174+$674+$250=$3098

Then, total liabilities and capital to match the both sides of the balance sheet.

Total liabilities and owner's equity=$3098+$20360=$23458

So, the balance sheet will be like as follows;

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

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Answer 4

Question

Chapter 21, Problem 1ES

To determine

To calculate: The values of the missing balance sheet of Fawcett’s Plumbing Supplies.

Expert Solution & Answer

Answer to Problem 1ES

Solution:

The completed balance sheet is as shown below,

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Explanation of Solution

Given Information:

The incomplete balance sheet is given as,

Balance sheet
Assets	Amount ($)
Current assets
Cash
Office supplies
Account receivable
Total current assets
Plant and equipment
Equipment
Total plant and equipment
Total assets

Liabilities
Current liabilities
Account payable
Wages payable
Property and taxes payable
Total current liabilities

Owner's equity
Capital
Total liabilities and owner's equity

Calculation:

Consider the provided incomplete balance sheet,

In order to get the missing figures,

First, add the total current assets and total plant and equipment to get total assets,

Total current assets=$1724+$173+$9374=$11271

Now, add the total current assets and total plant and equipment to get total assets,

Total assets=$11,271+$12,187=$23,458

Then, add the current liabilities to get total liabilities,

Total current liabilities=$2174+$674+$250=$3098

Then, total liabilities and capital to match the both sides of the balance sheet.

Total liabilities and owner's equity=$3098+$20360=$23458

So, the balance sheet will be like as follows;

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

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Answer 5

Chapter 21, Problem 1ES

To determine

To calculate: The values of the missing balance sheet of Fawcett’s Plumbing Supplies.

Expert Solution & Answer

Answer to Problem 1ES

Solution:

The completed balance sheet is as shown below,

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Explanation of Solution

Given Information:

The incomplete balance sheet is given as,

Balance sheet
Assets	Amount ($)
Current assets
Cash
Office supplies
Account receivable
Total current assets
Plant and equipment
Equipment
Total plant and equipment
Total assets

Liabilities
Current liabilities
Account payable
Wages payable
Property and taxes payable
Total current liabilities

Owner's equity
Capital
Total liabilities and owner's equity

Calculation:

Consider the provided incomplete balance sheet,

In order to get the missing figures,

First, add the total current assets and total plant and equipment to get total assets,

Total current assets=$1724+$173+$9374=$11271

Now, add the total current assets and total plant and equipment to get total assets,

Total assets=$11,271+$12,187=$23,458

Then, add the current liabilities to get total liabilities,

Total current liabilities=$2174+$674+$250=$3098

Then, total liabilities and capital to match the both sides of the balance sheet.

Total liabilities and owner's equity=$3098+$20360=$23458

So, the balance sheet will be like as follows;

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Answer 6

Chapter 21, Problem 1ES

To determine

To calculate: The values of the missing balance sheet of Fawcett’s Plumbing Supplies.

Expert Solution & Answer

Answer to Problem 1ES

Solution:

The completed balance sheet is as shown below,

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Explanation of Solution

Given Information:

The incomplete balance sheet is given as,

Balance sheet
Assets	Amount ($)
Current assets
Cash
Office supplies
Account receivable
Total current assets
Plant and equipment
Equipment
Total plant and equipment
Total assets

Liabilities
Current liabilities
Account payable
Wages payable
Property and taxes payable
Total current liabilities

Owner's equity
Capital
Total liabilities and owner's equity

Calculation:

Consider the provided incomplete balance sheet,

In order to get the missing figures,

First, add the total current assets and total plant and equipment to get total assets,

Total current assets=$1724+$173+$9374=$11271

Now, add the total current assets and total plant and equipment to get total assets,

Total assets=$11,271+$12,187=$23,458

Then, add the current liabilities to get total liabilities,

Total current liabilities=$2174+$674+$250=$3098

Then, total liabilities and capital to match the both sides of the balance sheet.

Total liabilities and owner's equity=$3098+$20360=$23458

So, the balance sheet will be like as follows;

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Answer 7

Chapter 21, Problem 1ES

To determine

To calculate: The values of the missing balance sheet of Fawcett’s Plumbing Supplies.

Answer 8

Expert Solution & Answer

Answer to Problem 1ES

Solution:

The completed balance sheet is as shown below,

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Given Information:

The incomplete balance sheet is given as,

Balance sheet
Assets	Amount ($)
Current assets
Cash
Office supplies
Account receivable
Total current assets
Plant and equipment
Equipment
Total plant and equipment
Total assets

Liabilities
Current liabilities
Account payable
Wages payable
Property and taxes payable
Total current liabilities

Owner's equity
Capital
Total liabilities and owner's equity

Calculation:

Consider the provided incomplete balance sheet,

In order to get the missing figures,

First, add the total current assets and total plant and equipment to get total assets,

Total current assets=$1724+$173+$9374=$11271

Now, add the total current assets and total plant and equipment to get total assets,

Total assets=$11,271+$12,187=$23,458

Then, add the current liabilities to get total liabilities,

Total current liabilities=$2174+$674+$250=$3098

Then, total liabilities and capital to match the both sides of the balance sheet.

Total liabilities and owner's equity=$3098+$20360=$23458

So, the balance sheet will be like as follows;

Balance sheet
Assets	Amount ($)
Current assets
Cash	1,724
Office supplies	173
Account receivable	9,374
Total current assets	$11,271
Plant and equipment
Equipment	12,187
Total plant and equipment	12,187
Total assets	$23,458

Liabilities
Current liabilities
Account payable	2,174
Wages payable	674
Property and taxes payable	250
Total current liabilities	$3,098

Owner's equity
Capital	20,360
Total liabilities and owner's equity	$23,458