Reference no: EM132995895
Problem 1: Using the following (scrambled) accounts, prepare a balance sheet for ABSCBN, a retail company, for the year ending in December 31, 2014. Assume that these are the only Balance Sheet Accounts.
Accounts Payable 39,000
Accrued Expenses 8,000
Accumulated Depreciation 51,000
Additional Paid-In Capital 86,000
Allowance for Doubtful Accounts 2,000
Cash 23.000
Common Stock (PHPO.20 par) 45,000
Current Portion of L.T. Debt 6,000
Gross Accounts Receivable 40,000
Gross Fixed Assets 486,000
Inventories 54,000
Long-Term Debt 210,000
Net Accounts Receivable 38,000
Net Fixed Assets 435,000
Retained Earnings 138,000
Short-Term Bank Loan (Notes Payable) 18,000