Bus 500 module 2 slp

Module 2 – SLP

BALANCE SHEET

Below find a balance sheet for VWV Company. 

VWV Company

 

Balance Sheet

 

 December 31, 20XX

 

 

 

 

 

 

 

 

 

Assets

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 $72,000

 

 

Accounts payable

 $12,000

 

 

Accounts receivable

 18,000

 

 

Interest payable

 12,000

 

 

Interest receivable

 1,000

 

 

 

 

 

 

Inventory

 60,000

 

 

 

 

 

Total current assets

 

 $151,000

 

Total current liabilities

 

 $24,000

 

 

 

 

 

 

 

 

 

Long-term assets

 

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Equipment (net of depreciation)

 $128,000

 

 

Note payable

 100,000

 

 

 

 

 

 

 

 

 

Total long-term assets

 

 $128,000

 

Total long-term liabilities

 

 $100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock

 10,000

 

 

 

 

 

 

Paid-in capital

 50,000

 

 

 

 

 

 

Retained earnings

 95,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

 $155,000

 

 

 

 

 

 

 

Total assets

 

279,000

 

Total liabilities and equity

 

 $279,000

                           

Required: 

Recreate the balance sheet in an Excel spreadsheet. Use cell formulae to add and subtract numbers. Add a column next to the balance sheet for answers to the questions in this case.

  • Is accounts payable larger or smaller than accounts receivable? What is the difference? What do the numbers indicate? Explain.
  • What does equipment net of depreciation mean?
  • Are payables short-term or long-term?
  • Determine total liabilities.
  • Determine net short-term assets or liabilities.
  • Determine the total amount owed by VWV owed at the end of the year.
  • How do we know that the above is a corporate (not a sole proprietor) balance sheet?
  • Both content and presentation matter.

SLP Assignment Expectations

Submit the Excel spreadsheet. All information should be part of the spreadsheet. Written comments should be brief and refer to the balance sheet.

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