For questions 7 to 11, you will be making the calculations required in a balance sheet...
For questions 7 to 11, you will be making the calculations required in a balance sheet for Green Brother's Nursery for the period ending December 31, 2020. Use the following figures:
Cash on Hand 1,500
Cash in Bank 8,000
Building 30,000
Accounts Payable 3,750
Capital 28,000
Accounts Receivable 6,500
Furnitures and Fixtures 3,000
Notes Payable 1,250
Mortgage Payable 25,000
Merchandise Inventory 9,000
Please calculate: -Total current assets -Total fixed assets -The total assets -Net worth -Total current liabilities -Total liabilities
Homework Answers
1) Total current assets include :
Cash on Hand 1,500
Cash in Bank 8,000
Accounts Receivable 6,500
Merchandise Inventory 9,000
= 25,000
2) Total fixed assets include:
Building 30,000
Furniture and Fixtures 3,000
= 33,000
3) Total assets = current assets + fixed assets = 58,000
4) Net worth includes :
Capital 28,000
= 28,000
5) Current liabilities include:
Accounts Payable 3,750
Notes Payable 1,250
Mortgage Payable 25,000
= 30,000
6)Total liabilities = Net worth + current liabilities = 58,000
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