Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 13.00

GOOD RATINGS FOR WORK

PLEASE HELP - NEED ANSWERS ASAP WILL GIVE GOOD RATINGS FOR WORK SHOWN AND COMPLETENESS. THANK YOU!

Prepare a classified Balance Sheet, dated 12-31-14, for these 3 situations:

             
Situation 1          
             
12-31-14 Assets:          
Cash Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.         80,000    
Accounts Rec. Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦...Ac€¦..Ac€¦Ac€¦        290,000    
Inventory Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦...Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.        300,000    
Equipment, Net of Accum. Depr. Ac€¦Ac€¦..        621,000    
             
12-31-14 Liabilities:          
Accounts Pay. Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦...Ac€¦..Ac€¦Ac€¦        150,000    
Short-Term Notes Payable Ac€¦...Ac€¦..Ac€¦Ac€¦        200,000    
Long-Term Notes Payable Ac€¦...Ac€¦..Ac€¦ Ac€¦        500,000    
             
12-31-14 Equity:          
  Business is named Happy Productions and is owned solely by Harry Happy.
  (You will have to determine the equity amount)    
             
Situation 2          
Business is named Aztec Partners and is owned by Judy Smith and Al Topp
Assets and Liabs. are the same as situation 1.    
             
Equity-            
             
Capital as of 1-1-14:          
Judy Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.        166,000    
Al, Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦..        235,000    
             
Capital Contributed in 2014:        
Judy   Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦..                -      
Al   Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦                -      
             
Drawings ,2014:          
Judy    Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.        100,000    
Al    Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦..         50,000    
             
Share of Profits , every year:        
Judy Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦ 0.666666667    
Al   Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.. 0.333333333    
             
Situation 3          
Business is a corporation named Aztec, Inc.    
Assets and Liabs. are the same as situation 1.    
             
Equity-            
Paid in Capital(Common Stock) as of 12-31-14 is Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.         350,000

 

Answers

(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 13.00

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