Answer:
Assets: Liabilities:
<u>Current Assets </u> <u> Current Liabilities</u>
Cash 11,840 Accounts payable 9,500
Accounts receivable 12,600 Notes payable(current) 13,600
Prepaid insurance <u> 3,200 </u> Interest payable 3,600
Total current assets: 27,640 Total Current Liab 26,700
<u>Fixed assets:</u> <u>Long-term Liabilities:</u>
Buildings (net) 60,200 Note Payable: 80,000
Equipment (net) 63,680 Total Liabilities 106,700
Land <u> 61,200 </u> Equity:
total fixed assets: 185,080 Common stock 60,000
RE 46,020
Total Equity 106,020
Total Assets: 212,720 Total Liab + E 212,720
Explanation:
for RE we need to calculate the net income
income:
Service revenue 14,700
Insurance expense ( 780 )
Depreciation expense ( 5,300 )
Interest expense ( 2,600 )
Net income: 6,020
<u />
<u>RE </u> 40,000 + 6,020 = 46,020
for note payable we split the current and long term portion
93,600 - 13,600 = 80,000 long term debt
te rest is self-explanatory
