Balance Sheet Assignment

| October 3, 2018

Quiz 3

Acct 2241

Name

Wiet

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3. The following balance sheet was
prepared by the bookkeeper for Quinn Company as of December 31, 2004.

Quinn Company

Balance Sheet

as of December 31, 2004

Cash

$ 90,000

Accounts Payable

$ 75,000

Accounts receivable (net)

52,200

Long-term liabilities

110,000

Inventories

57,000

Stockholders’ equity

208,500

Investments

76,300

Equipment
(net)

86,000

Patents

32,000

————————

————————

$393,500

$393,500

The following additional information is
provided:

1. Cash
includes the cash surrender value of a life insurance policy $12,400, and a
bank overdraft of $1,500 has been deducted.

2. The net accounts receivable
balance includes:
(a) accounts receivable——debit
balances $60,000;
(b) accounts receivable——credit
balances $1,000;
(c) allowance for doubtful accounts
$6,800.
3. Inventories do not include goods
costing $5,000 shipped out on consignment. Receivables of $5,000 were recorded
on these goods.

4. Investments include investments in
common stock, trading $24,000 and available-for-sale $43,300, and franchises
$9,000.
5. Equipment costing $10,000 with
accumulated depreciation $6,000 is no longer used and is held for sale.
Accumulated depreciation on the other equipment is $40,000.

INSTRUCTIONS

Prepare a balance sheet in good
form (stockholders’ equity details can be omitted.)

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