Solutions to Accounting Problem
Submitted by: Submitted by theohyongan
Views: 10
Words: 1232
Pages: 5
Category: Business and Industry
Date Submitted: 09/01/2015 07:27 PM
Problem 1-5 (pg 54)
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MESCO COMPANY
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Balance Sheet
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December 31, Year 5
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Assets
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Current Assets
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Cash $ 10,250
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Accounts receivable 46,000
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Inventories 86,250
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Total current assets $142,500
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Noncurrent assets 280,000
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Total assets $422,500
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Liabilities and Stockholders' Equity
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Current liabilities $ 22,500
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Noncurrent liabilities 62,000
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Total liabilities $ 84,500
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Stockholders' Equity
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Common stock $150,000
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Additional paid-in capital 60,000
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Retained earnings 128,000
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Total stockholders' equity $338,000
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Total liabilities and equity $422,500
Supporting computations:
Note 1: Compute net income for Year 5
Sales $920,000
Cost of...
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