Assignment 3 :Financial Acct 1

Copyofcf_Unit3_P5-3.xlsx

P5-3

P5-3 Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3
Exquisite Jewelers is developing its annual financial statements for 2015. The following amounts were correct at December 31, 2015:
cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500;
investment in stock of Z corporation (long-term), $36,000; store equipment, $67,000; used store equipment held for disposal, $9,000;
accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable, $42,000; income taxes payable, $9,000;
retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share).
Required:
1	Based on these data, prepare a December 31, 2015, balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
	Possible input areas are shaded.
	EXQUISITE JEWELERS
	Balance Sheet
	December 31, 2015
	Assets
	Current assets:
	Total current assets		$ -
	Long-term investments:
	Fixed assets:
	Total fixed assets		$ -
	Other assets:
	Total assets		$ -
	Liabilities
	Current liabilities:
	Total current liabilities		$ -
	Long-term liabilities:
	Total liabilities		$ -
	Stockholders' Equity
	Contributed capital:
	Total contributed capital	$ -
	Total stockholders' equity		$ -
	Total liabilities and stockholders' equity		$ -
Required:
2	What is the net book value of the store equipment?
	Net book value

P5-3 Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3
Exquisite Jewelers is developing its annual financial statements for 2015. The following amounts were correct at December 31, 2015:
cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500;
investment in stock of Z corporation (long-term), $36,000; store equipment, $67,000; used store equipment held for disposal, $9,000;
accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable, $42,000; income taxes payable, $9,000;
retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share).
Required:
1	Based on these data, prepare a December 31, 2015, balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
	Possible input areas are shaded.
	EXQUISITE JEWELERS
	Balance Sheet
	December 31, 2015
	Assets
	Current assets:
	Total current assets		$ - 0
	Long-term investments:
	Fixed assets:
	Total fixed assets		- 0
	Other assets:
	Total assets		$ 377,500
	Liabilities
	Current liabilities:
	Total current liabilities		$ - 0
	Long-term liabilities:
	Total liabilities		- 0
	Stockholders' Equity
	Contributed capital:
	Total contributed capital	- 0
	Total stockholders' equity		- 0
	Total liabilities and stockholders' equity		$ - 0
Required:
2	What is the net book value of the store equipment?
	Net book value

List 1

Accounts payable

Accounts receivable

Accumulated depreciation

Additional paid-in capital

Cash

Common stock

Income taxes payable

Investment in Z Corporation

Merchandise inventory

Note payable

Prepaid insurance

Retained earnings

Store equipment

Used store equipment held for disposal