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August Corp. Accounting Balance Sheet

Please put this information into an excel spreadsheet.

August Corporation has the following balance sheet elements as of December 31, 2006.

Land . . . . . . . . . . . . . . . . . . . . . . . . . $105,000 Mortgage payable . . . . . . . . . $250,000

Cash . . . . . . . . . . . . . . . . . . . . . . . . . ? Capital stock . . . . . . . . . . . . . . 315,000

Building . . . . . . . . . . . . . . . . . . . . . . 168,000 Retained earnings . . . . . . . . . . 92,000

Accounts payable . . . . . . . . . . . . . . . 155,000 Supplies . . . . . . . . . . . . . . . . . 41,000

Notes payable (short-term) . . . . . . . . 117,000 Accounts receivable . . . . . . . . 134,000

Equipment . . . . . . . . . . . . . . . . . . . . 420,000

Required:

Compute the total amount of:

1. Current assets.

2. Long-term assets.

3. Current liabilities.

4. Long-term liabilities.

5. Stockholders' equity.

Solution Preview

Current assets: Cash or other assets that are reasonable expected to be realized in cash, sold, or consumed
within one year or within a normal operating cycle, whichever is longer.

Cash + Accounts receivable + Supplies

Long-term assets are the assets used in day-to-day operations for longer than a year.

Land + Building + Equipment

Current liabilities are liabilities that can reasonably be expected to be paid during the next year or normal operating cycle, ...

Solution Summary

This solution is comprised of a detailed explanation to answer the request of the assignment in excel file.

$2.19