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The following accounts appeared on the trail balance of Elbert Company at December 31, 2017.
Notes Payable (short-term) $192,000
Accounts Receivable $518,400
Accumulated Depreciation Bldg 783,000
Supplies 37,800
Salaries and Wages Payable 34,200
Debt Investments (long-term) 281,400
Cash 170,250
Bonds Payable Due 1/1/2025 1,200,000
Allowance for Doubtful Accts 7,800
Copyrights 192,900
Notes Receivable (due in 6 months) 138,000
Income Taxes Payable 156,000
Preferred Stock 750,000
Appropriated Retained Earnings 294,000
Unappropriated Retained Earnings 318,000
Prepaid Insurance 56,250
Common Stock 1,125,000
Inventory 1,580,250
Land 465,000
Trading Securities 73,200
Interest Payable 5,700
Buildings 1,926,000
Accounts Payable 409,950
Additional Paid-in Capital 163,800
Compute each of the following
1· Total current assets
2· Total property, plant, and equipment
3. Total assets
4. Total current liabilities
5. Total stockholders' equity

Sagot :

abiolataiwo2015

Answer:

1. $2,566,350

2. $1,608,000

3. $4,648,650

4. $797,850

5. $2,650,800

Explanation:

1. Calculation to determine Total currents assets

Total currents assets=$37,800 + $170,250 – $7,800 + $138,000 + $518,400 + $56,250 + $1,580,250 + $73,200

Total currents assets= $2,566,350

2. Calculation to determine Total property, plant, and equipment

Total property, plant, and equipment=($783,000) + $465,000 + $1,926,000

Total property, plant, and equipment= $1,608,000

3. Calculation to determine Total assets

Total assets=$2,566,350 + $1,608,000 + $281,400 + $192,900

Total assets= $4,648,650

4. Calculation to determine Total current liabilities

Total current liabilities=$192,000 + $34,200 + $156,000 + $5,700 + $409,950

Total current liabilities= $797,850

5. Calculation to determine Total stockholders’ equity

Total stockholders’ equity=$750,000 + $294,000 + $1,125,000 + $318,000 + $163,800

Total stockholders’ equity = $2,650,800

Therefore :

1. Total currents assets $2,566,350

2. Total property, plant, and equipment $1,608,000

3. Total assets $4,648,650

4. Total current liabilities $797,850

5. Total stockholders’ equity $2,650,800

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