Respuesta :
Answer:
Supplies = $110,000
Income tax payable = $29,000
Explanation:
A balance sheet refers to a financial statement that presents the assets, liabilities and owner equity of a company.
For this question, the balance sheet can be prepared as follows:
Company XYZ
Balance Sheet
For the year ended ...
Particulars $ $
Intangible Asset
Investment in growing crops 20,000
Tangible Assets
Land 510,000
Buildings 140,000
Machinery and Equipment 190,000
Total tangible assets 840,000
Current Assets
Cash 23,000
Supplies (w.1) 110,000
Accounts Receivable 27,000
Prepaid expenses 3,000
Total current assets 163,000
Total Assets 1,023,000
Owner Equity 499,000
Long-term Liabilities
Mortgages 243,000
Notes (due beyond 12 months) 128,000
Total Long term liabilities 371,000
Current liabilities
Accounts payable 5,000
Notes payable (due within 12 months) 56,000
Current portion term debt 8,000
Accrued interest 21,000
Deferred tax on current assets 34,000
Income tax payable (w.2) 29,000
Total current liabilities 153,000
Total Owner equity and liabilities 1,023,000
Workings:
w.1: Supplies = Total current assets - Cash - Accounts Receivable - Prepaid expenses = $163,000 - $23,000 - $27,000 - $3,000 = $110,000
w.2: Income tax payable = Total assets - Owner equity - Total Long term liabilities - Accounts payable - Notes payable (due within 12 months) - Current portion term debt - Accrued interest - Deferred tax on current assets = $1.023,000 - $499,000 - $371,000 - $5,000 - $56,000 - $8,000 - $21,000 - $34,000 = $29,000
