Prepare ralston balance sheet

Assignment Help Finance Basics

Reference no: EM131792345

Question: Selected financial statements for Ralston Company, a sole proprietorship, are as follows:

1394_CF 1.png

Additional Information:

a. During 2014, equipment having accumulated depreciation of $4,500 was sold for a $3,000 gain.

b. A $3,750 lease payment was made in 2014, reducing the lease liability by $3,000.

c. 2014 depreciation expense: on leased property, $3,000; on equipment, $8,250.

d. Net income for 2014, $14,250.

Required: Using the provided data, prepare Ralston's December 31, 2014, balance sheet.

Reference no: EM131792345

Questions Cloud

Computation of future values and present values : What is the future value of 15 periodic payments of $9,000 each made at the end of each period and compounded at 10%

What is the effect of the independent variable : Identify the Independent Variable, Dependent Variable and Constants. What is the effect of the Independent Variable on the Dependent Variable?

List the strength in hood furniture internal control : Identify the control environment factors that affect the company's internal control. List the strength and weaknesses in Hood Furniture internal control

Explore the inner workings of their family structure : Explain whether your family system, or one with which you are familiar, is an open or closed system. Justify your response.

Prepare ralston balance sheet : Using the provided data, prepare Ralston's December 31, 2014, balance sheet.

Discuss the use of straight-line depreciation : Calculate the depreciation expense for each of the five years, assuming the use of straight-line depreciation

Briefly describe the client problem and intervention : Select three research articles that address the effectiveness of the intervention (CT or CBT) in treating the problem you selected.

What is the amount of the change in stockholders equity : What is the amount of the change in stockholders' equity during the year

Discuss about a variety of social variables : From a sociological viewpoint, the analysis of health outcomes can be understood through a variety of social variables.

Reviews

Write a Review

Required(*) Message

Finance Basics Questions & Answers

Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

State pricing theory and no-arbitrage pricing theory

Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

Effect of financial leverage

The Effect of Financial Leverage and working capital management

Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

Time value of money

Time Value of Money project

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages