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3 years ago

These items are taken from the financial statements of Windsor, Inc. at December 31, 2017.

Business

1 answer:

nordsb [41]3 years ago

5 0

Answer:

To make balance sheet we first have to calculate net income/net profit for the year.

Net profit Calculation

Service revenue $ 13,524

Insurance expense ($ 718 )

Depreciation expense ($ 4,876)

Interest expense ($ 2,392)

Profit $ 5,538

Balance Sheet

Asset

Non-Current Asset

Land $56,304

Buildings $97,336

Accumulated depreciation—buildings ($41,952)

Equipment $75,808

Accumulated depreciation—equipment ($17,222)

Total non Current Asset $170,274

Current Asset

Cash $10,893

Accounts receivable $11,592

Prepaid insurance $2,944

Current Asset $25,429

Total Asset $195,703

Equity

Common stock $55,200

Retain Earning (36,801+5,538) $42,339

Total Equity $97,539

Liability

Non-Current Liability

Current Liability

Accounts payable $8,740

Notes payable $86,112

Interest payable $3,312

Total Current Liability $98,164

Total Liability + Equity $195,703

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