Johnson Hardware Store Ltd. by Yumengqi Li

.docx
School
Western University **We aren't endorsed by this school
Course
BUSINESS 1220E
Subject
Accounting
Date
May 18, 2023
Pages
2
Uploaded by ProfessorNeutronKomodoDragon10 on coursehero.com
JOHNSON HARDWARE STORE LTD. BALANCE SHEET (as at January 31, 2019) ASSETS Current Assets: Cash $4,400 Market securities $18,000 Account receivable $60,000 Inventory $182,000 Prepaid expenses $12,800 Total Current Assets $277,200 Fixed Assets: Land $19,500 Building and equipment, cost $119,000 Accumulated depreciation, building and equipment $57,200 Net Fixed Assets $81,300 Intangibles Assets: Goodwill (net) $2,500 TOTAL ASSETS $361,000 LIABILITY Current liabilities: Notes payable, due in 90 days $34,800 Accrued expenses payable $10,500 Tax payable $5,200 Accounts payable $73,700 Total Current Liabilities $124,200 Long-term liabilities: Long-term debt $54,000 TOTAL LIABILITIES $178,200
SHAREHOLDERS' EQUITY Common stock, (authorized 2,500 shares; issued and outstanding 2,052) $51,300 Retained earnings $131,500 TOTAL SHAREHOLDERS' EQUITY $182,800 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $361,000
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