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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
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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: |
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| Â | Â | Â | Â | Â | Â | Â |
| Situation 1 | Â | Â | Â | Â | Â | |
| Â | Â | Â | Â | Â | Â | Â |
| 12-31-14 Assets: | Â | Â | Â | Â | Â | |
| 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 |  |  | |||
| Â | Â | Â | Â | Â | Â | Â |
| 12-31-14 Liabilities: | Â | Â | Â | Â | Â | |
| 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 |  |  | |||
| Â | Â | Â | Â | Â | Â | Â |
| 12-31-14 Equity: | Â | Â | Â | Â | Â | |
| Â | Business is named Happy Productions and is owned solely by Harry Happy. | |||||
| Â | (You will have to determine the equity amount) | Â | Â | |||
| Â | Â | Â | Â | Â | Â | Â |
| Situation 2 | Â | Â | Â | Â | Â | |
| Business is named Aztec Partners and is owned by Judy Smith and Al Topp | ||||||
| Assets and Liabs. are the same as situation 1. | Â | Â | ||||
| Â | Â | Â | Â | Â | Â | Â |
| Equity- | Â | Â | Â | Â | Â | Â |
| Â | Â | Â | Â | Â | Â | Â |
| Capital as of 1-1-14: | Â | Â | Â | Â | Â | |
| 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 |  |  | |||
| Â | Â | Â | Â | Â | Â | Â |
| Capital Contributed in 2014: | Â | Â | Â | Â | ||
| 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€¦ |               -  |  |  | |||
| Â | Â | Â | Â | Â | Â | Â |
| Drawings ,2014: | Â | Â | Â | Â | Â | |
| 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 |  |  | |||
| Â | Â | Â | Â | Â | Â | Â |
| Share of Profits , every year: | Â | Â | Â | Â | ||
| 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 |  |  | |||
| Â | Â | Â | Â | Â | Â | Â |
| Situation 3 | Â | Â | Â | Â | Â | |
| Business is a corporation named Aztec, Inc. | Â | Â | ||||
| Assets and Liabs. are the same as situation 1. | Â | Â | ||||
| Â | Â | Â | Â | Â | Â | Â |
| Equity- | Â | Â | Â | Â | Â | Â |
| Paid in Capital(Common Stock) as of 12-31-14 is Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦. |        350,000 | |||||
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