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Essay / Research Paper Abstract
This 5 page paper answers several question supplied by the student. Fictitious company Majestic Limo need a balance sheet preparing and a second company has balance sheet figures provided with the need to calculate the level of retained earnings. The next part prepares an income statement, retained earnings statement and a balance sheet and then assesses the company's liquidity and probable past profitability.
Page Count:
5 pages (~225 words per page)
File: TS14_TEquest18.rtf
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Unformatted sample text from the term paper:
may also be set up vertically with the assets above and the liabilities below. Balance Sheet for Majestic Limo Assets Liabilities Current Assets Current liabilities Cash 69,000 Accounts
payable 26,000 Supplies 14,000 Notes Payable 288,000 Accounts receivable 78,000 Total current liabilities 314,000 Capital Assets Equity Land 70,000 Building 80,000 Capital Stock 100,000 Automobiles 165,000 Retained
earnings 62,000 Total 476,000 Debt and Equity total 476,000 In the second exercise we need to look at the same balance sheet. This time we do not have the retained
earnings figure. If we use the same formula to put together the same balance sheet as above but with t a few changes, for example, there are no automobiles, but
there is office equipment. However there are two blanks where the retained earnings and the total debt and equity are placed. The retained earnings is also known as the
balancing figure. This means we know that the total debt and equity should be as this should be equal to the total assets on the other side. So, if we
complete this figure we can then deduct the debt and equity figure on this side we already know, the remaining amount must be the level of the retained earnings. This
is shown below. Assets Liabilities and Equity Current Assets Current liabilities Cash 36,300 Accounts payable 43,800 Accounts receivable 56,700 Notes Payable 207,000 Capital Assets Total current liabilities 250,800 Land
90,000 Equity Building 210,000 Capital Stock 75,000 Office equipment 12,400 Retained earnings 79,600 Total 405,400 Debt and Equity total 405,400 Exercise 5.2 Part A In this question we
are asked to prepare an income statement. We ate given some figures and have to identify the income and the costs. We are told the cost of supplies for the
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