Exquisite Jewelers is developing its
annual financial statements for 2015. The following amounts were correct at
December 31, 2015
CF unit3 P5-3
Exquisite Jewelers
P5-3
Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3
P5-3 Exquisite Jewelers is developing its annual financial statements for
2015. The following amounts were correct at December 31, 2015:
cash, $58,000; accounts receivable,
$71,000; merchandise inventory, $154,000; prepaid insurance, $1,500; investment in stock of Z corporation
(long-term), $36,000; store equipment, $67,000; used store equipment held for
disposal, $9,000; accumulated depreciation, store equipment, $19,000; accounts
payable, $52,500; long-term note payable, $42,000; income taxes payable,
$9,000;
retained earnings, $164,000; and common
stock, 100,000 shares outstanding, par value $1.00 per share (originally sold
and issued at $1.10 per share).
Required:
1 Based on
these data, prepare a December 31, 2015, balance sheet. (Amounts to be deducted should be indicated by
a minus sign.)
Possible
input areas are shaded.
EXQUISITE
JEWELERS
Balance Sheet
December 31,
2015
Assets
Current assets:
Total current assets $-
Long-term investments:
Fixed assets:
Total fixed assets
Other assets:
Total assets $377,500
Liabilities
Current liabilities:
Total current liabilities$ -
Long-term liabilities:
Total liabilities
Stockholders'
Equity
Contributed capital:
Total contributed capital
Total stockholders' equity
Total liabilities and stockholders'
equity$ -
Required:
2 What is the
net book value of the store equipment?
Net book value
TUTORIAL
PREVIEW
Required:
1 Based on these data, prepare a December 31, 2015,
balance sheet. (Amounts to be deducted should be
indicated by a minus sign.)
Possible input areas are shaded.
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EXQUISITE JEWELERS
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Balance Sheet
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December 31, 2015
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Assets
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Current
assets:
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Cash
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58,000
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Accounts
receivable
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71,000
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Prepaid
insurance
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1,500
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Solution file name: cf unit3 P5-3.xls File type: .xls PRICE: $9
