Ace Polly's Pet Products Balance Sheet
The accounting problem presents a companys balance sheet income statement and statement of cash flows for a theoretical company Pollys Pet Products.
Polly's pet products balance sheet. An enterprises assets are equivalent to their liabilities plus equity and the balance sheet. This a financial statement that shows a companys assets or what it owns and its liabilities or what it owes over a specific period of time 1. Bran Ritchie veterinarian and Professor of.
Make accounting fun with the fictional pet store scenarios. Determine the values that would be appropriate for each blank line. Sales are projected to grow by 5 causing net earnings of 10 thousand.
Provide a narrative of how you arrived at each value. Our diversified business portfolio also includes. The balance sheet can tell you where a company stands financially and is separated into three main sections assets liabilities and equity.
Additionally they have a positive cash flow due to an end of year cash balance of 200 while only starting the year with 30000. Balance Sheet as of December 31 2018. Pollys Pet Products Balance Sheet as of December 31 2018 ASSETS CURRENT ASSETS Cash Accounts receivable 50000 Other assets 25000 Total current assets LONG TERM ASSETS Fixed Assets 75000 TOTAL ASSETS LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES Accounts payable 75000 Accrued expenses Income tax payable 5000 Current portion of notes.
Polyplex has the fifth-largest capacity of polyester PET film globally. Products has an end of year cash balance of 200000. Determine the values that would be appropriate for each blank line.
The total current assets of the company is more than current liabilities which indicates that the company will have no problem to meet the day-to-day expenses. Account form and report form the financial report for Pollys Pet Products is a report from where assets are presented first and then followed by liabilities and capital. Pollys Pet Products balance sheet as of Dec 31 2018 shows a zero balance.