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Date Submitted: 01/01/2015 03:21 AM
Andy Brooks – Activity 2.4 – Homework 2
I. Problem 2-3 Classified Balance Sheet, p. 93
1.
Ruth Corporation
Balance Sheet
December 31, 2012
ASSETS
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Current assets
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Cash $ 13,230
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Accounts receivable 23,450
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Inventory 45,730
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Prepaid rent 1,500
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Office supplies 2,340
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Total current assets $ 86,250
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Investments
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Long-term investments $ 85,000
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Property, plant, and equipment
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Land $250,000
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Building $200,000
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Less: Accumulated depreciation 40,000 160,000
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Automobiles $112,500
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Less: Accumulated depreciation 22,500 90,000
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Total property, plant, and equipment 500,000
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Intangible assets
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Patents 40,000
Total assets $711,250
LIABILITIES
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Current liabilities
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Accounts payable $ 18,255
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