Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31,…
Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $36,000 Accounts receivable 520,000 Inventory 110,000 Total current assets $666,000 Equipment 588,000 Less: accumulated depreciation 73,500 Equipment, net 514,500 Total assets $1,180,500 Liabilities and Equity Accounts payable$355,000 Bank loan payable 16,000 Taxes payable (due 3/15/2018) 89,000 Total liabilities $460,000 Common stock 472,000 Retained earnings 248,500 Total stockholders’ equity 720,500 Total liabilities and equity $1,180,500 To make a master budget for January, […]
