August Corp. Accounting Balance Sheet
Not what you're looking for?
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.
Purchase this Solution
Solution Summary
This solution is comprised of a detailed explanation to answer the request of the assignment in excel file.
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, ...
Purchase this Solution
Free BrainMass Quizzes
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.