What is the amount of nickel total assets

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Reference no: EM132018708

Question: NICKEL INDUSTRIES Nickel Industries reported the following amounts on its balance sheet on December 31, 2014:

Cash	$180,000
Notes payable	100,000
Inventory	325,000
Contributed Capital	750,000
Net Property, Plant & Equipment	600,000
Accounts Receivable	30,000
Accounts Payable	75,000
Retained Earnings	?

In your own words and 200 words total, answer the following related questions:

1. What is the amount of Nickel's total assets at the end of 2011?

2. Identify the items listed above that are liabilities.

3. What is the amount of Nickel's retained earnings at the end of 2011?

4. Prepare a balance sheet for Nickel Industries using U.S. GAAP as of December 31, 2011. Nickel Industries wishes to purchase merchandise from your company on account.

5. The amount of the purchases would probably be about $11,000 per month, and the terms would require Nickel to make payment in full within 30 days. Would you recommend that your company grant credit to Nickel under these terms? Explain the reasoning for your response.

Reference no: EM132018708

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