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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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| 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 | |||||
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