Mathematics
Mathematics, 19.01.2021 23:00, wowihavefun

I need help doing a balance sheet for accounting, I will leave the information provided for the balance sheet. a)
Your business has $8,350 in the bank and $500 on hand.

b) Exactly one year ago, you bought a building that cost $72,000. It has a useful life of 20 years and a 20 year mortgage payable to the previous owner. You made a down payment of $12,000. Your payments are $750 / month. This breaks down into a $250 / month principal payment and a $500 / month interest payment.

c) On the same day, you purchased a delivery truck for $6,000 in an all cash deal. It has a useful life of 5 years.

d) Two years ago you started this business by investing $20,000.

e) You charge your gas for the truck and pay the bill quarterly. You spend $150 / month for gas. You paid the last gas bill 2 months ago.

f) Your earnings for the first two years combined totaled $1,900.

g) You sell automotive tools. You have $11,000 worth in the truck. You have $7,500 worth of tools in the building. In addition, you have $2,500 worth of half assembled engine analyzers. These will take another $500 worth of labor to make ready for sale.

h) When you started this business, two years ago, you bought a business insurance policy that costs $2,500 / year. You paid for 4 years in advance.

i) Stillman's Garage owes you $750 for tools purchased.

j) Hoag's Automotive owes you $400 for tools purchased.

k) Your pre-tax profit averages $7,500 per quarter. Your tax due for this year is $5,000.

On the assets side must have only Cash, Accounts Receivable, Inventory (Raw and finished goods), Prepaid Expense, and Fixed Assets (Buildings and Equipment.

On the Liabilities side must have accounts payable, notes payable, and tax liabilities, and finnally, in owner's equity must have Original Investment, Retained Earnings, and Earnings -to-Date

The total assets and total liabilites plus owner's equity must be in balance (be the same).

I need this ASAP.

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Answers: 1

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