Complete the balance sheet:
Assets: CURRENT ASSETS |
2014 | 2015 |
Cash in bank | $125,000.00 | |
Accounts receivable | $200,000.00 | $225,000.00 |
Inventory | $50,000.00 | |
Prepaid expenses | $30,000.00 | $85,000.00 |
Other current assets | $15,000.00 | $25,000.00 |
TOTAL CURRENT ASSETS | $500,000.00 | $530,000.00 |
FIXED ASSETS | 2014 | 2015 |
Machinery and equipment | $29,000.00 | $33,729.00 |
Furniture and fixtures | $8,000.00 | $24,627.00 |
Leasehold improvements | $25,600.00 | |
Land and buildings | $68,800.00 | $70,611.00 |
Other fixed assets | $21,800.00 | $31,517.00 |
(LESS accumulated depreciation on all fixed assets) | -$83,942.00 | |
TOTAL FIXED ASSETS (NET OF DEPRECIATION) | $104,382.00 | |
OTHER ASSETS | 2014 | 2015 |
Intangibles | $100,000.00 | $101,997.00 |
Deposits | $43,600.00 | |
Goodwill | $78,136.00 | |
Other | $69,400.00 | $65,508.00 |
TOTAL OTHER ASSETS | $273,900.00 | $261,318.00 |
TOTAL ASSETS | $835,800.00 | $ 895,700.00 |
Expert Answer
2014 | 2015 | |
Current assets: | ||
Cash in bank | $125000 | $145000 |
AR | 200,000 | 225000 |
Invntory | $130,000 | 50000 |
Prepaid expenses | 30000 | 85000 |
Other current assets | 15000 | 25000 |
Total current assets | $500,000 | $530,000 |
Fixed assets: | ||
Machinery and equipment | 29000 | 33729 |
Furniture and fixtures | 8000 | 24627 |
Leashehold improvements | 25600 | $27840 |
Land and buildings | 68800 | 70611 |
Other fixed assets | 21800 | 31517 |
Less:accumulated depreciation | ($91300) | (83942) |
Total fixed assets(Net of depreciaton) | $61900 | 104382 |
Other assets | ||
Intangibles | 100,000 | 101997 |
Deposits | 43600 | $15677 |
Goodwill | $60900 | 78136 |
Other | 69400 | 65508 |
Total other assets | 273900 | 261318 |
Total assets | $835800 | $895700. |
Total assets=Total current assets+Total fixed assets+Total other assets
Hence Total fixed assets would be for 2014=(835800-273900-500,000)=$61900
Hence accumulated depreciation=(29000+8000+25600+68800+21800-61900)=$91300.
Total current assets=Total of cash,AR,inventory,prepaid expenses and other current assets etc.