1 2 3 COMFY HOME COMPANY Balance Sheet As of December 31, 2016 4 5 6 Current Assets: Current Liabilides: 7 Cash $ 110,000 Accounts Payable $ 90,000 8 Accounts receivable S 140,000 Salaries and wages payable S 20,000 9 Inventories S 310,000 Cament portion of bank loan S 45,000 10 Prepaid expenses $ 25,000 Deferred revenue S 15,000 11 Total Current Assets S 585,000 Total Current Liabilides S 170,000 12 13 Non-Current Assets: Non-Current Liabilides: 14 Fumiture and fixtures S 120,000 Bank Loan S 300,000 15 Buildings and property S 450,000 Total Non-Current Liabilides S 300,000 16 (Accumulated Depreciation) S (154,000) 17 Total Non-Current Assets $ 416,000 Owners' Equity: 18 Contributed Capital $ 250,000 19 Retained earnings $ 281,000 20 Total Equity S 531,000 21 22 Total Assets S 1,001,000 Total Liabilides and Owners' Equity S 1,001,000 23 24 25 26 27 28 COMFY HOME COMPANY Balance Sheet 29 As of December 31, 2017 COMFY HOME COMPANY Income Statement For the year ending December 31, 2017 30 31 32 Current Assets: Current Liabilides: Total Revenue $ 1,602,000 33 Cab $ 143,000 Accounts Payable $ 196,000 Cost of Goods Sold $ 985,000 34 Accounts receivable $ 178,000 Salaries and wages payable $ 30,000 Gross Profit $ 617,000 35 Inventories $ 358,000 Current portion of bank loan S 45,000 Salaries and wages S 199,000 36 Prepaid expenses S 33,000 Deferred revenue S 18,000 Marketing expenses S 46,000 37 Total Current Assets S 712,000 Total Current Liabilides $ 289,000 Selling, General, and Administrative S 98,000 38 Insurance expense S 48,000 39 Non-Current Assets: Non-Current Liabilities: Depreciation expense S 44,000 40 Fumiture and fixtures $ 150,000 Bank Loan S 255,000 Operating Profit S 182,000 41 Buildings and property 540,000 Total Non-Current Liabilides S 255,000 42 (Accumulated Depreciation) S (198,000) Interest expense Taxes S 30,000 s 33,000 43 Total Non-Current Assets $ 492,000 Owners' Equity: Net Income $ 119,000 44 Contributed Capital $ 260,000 45 Retained eamings S 400,000 46 Total Equity 660,000 47 48 Total Assets 1,204,000 Total Liabilities and Owners' Equity S 1,204,000 49 so

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
What is the forecasted furniture and fixtures on comfy homes 2018 pro forma financial statements. Furniture and fixtures are being depreciated straight line over 15 years with no salvage value
1
2
3
COMFY HOME COMPANY
Balance Sheet
As of December 31, 2016
4
5
6
Current Assets:
Current Liabilides:
7
Cash
$
110,000
Accounts Payable
$
90,000
8 Accounts receivable
S
140,000
Salaries and wages payable
S
20,000
9 Inventories
S
310,000
Cament portion of bank loan
S
45,000
10 Prepaid expenses
$
25,000
Deferred revenue
S
15,000
11
Total Current Assets
S
585,000
Total Current Liabilides
S
170,000
12
13 Non-Current Assets:
Non-Current Liabilides:
14 Fumiture and fixtures
S
120,000
Bank Loan
S
300,000
15 Buildings and property
S
450,000
Total Non-Current Liabilides
S
300,000
16 (Accumulated Depreciation)
S
(154,000)
17
Total Non-Current Assets
$ 416,000
Owners' Equity:
18
Contributed Capital
$
250,000
19
Retained earnings
$
281,000
20
Total Equity
S
531,000
21
22
Total Assets
S
1,001,000
Total Liabilides and Owners' Equity
S
1,001,000
23
24
25
26
27
28
COMFY HOME COMPANY
Balance Sheet
29
As of December 31, 2017
COMFY HOME COMPANY
Income Statement
For the year ending December 31, 2017
30
31
32 Current Assets:
Current Liabilides:
Total Revenue
$
1,602,000
33 Cab
$
143,000
Accounts Payable
$
196,000
Cost of Goods Sold
$
985,000
34 Accounts receivable
$
178,000
Salaries and wages payable
$
30,000
Gross Profit
$
617,000
35 Inventories
$
358,000
Current portion of bank loan
S
45,000
Salaries and wages
S
199,000
36 Prepaid expenses
S
33,000
Deferred revenue
S
18,000
Marketing expenses
S
46,000
37
Total Current Assets
S
712,000
Total Current Liabilides
$
289,000
Selling, General, and Administrative
S
98,000
38
Insurance expense
S
48,000
39 Non-Current Assets:
Non-Current Liabilities:
Depreciation expense
S
44,000
40 Fumiture and fixtures
$
150,000
Bank Loan
S
255,000
Operating Profit
S
182,000
41 Buildings and property
540,000
Total Non-Current Liabilides
S
255,000
42 (Accumulated Depreciation)
S
(198,000)
Interest expense
Taxes
S
30,000
s
33,000
43
Total Non-Current Assets
$
492,000
Owners' Equity:
Net Income
$
119,000
44
Contributed Capital
$
260,000
45
Retained eamings
S
400,000
46
Total Equity
660,000
47
48
Total Assets
1,204,000
Total Liabilities and Owners' Equity
S
1,204,000
49
so
Transcribed Image Text:1 2 3 COMFY HOME COMPANY Balance Sheet As of December 31, 2016 4 5 6 Current Assets: Current Liabilides: 7 Cash $ 110,000 Accounts Payable $ 90,000 8 Accounts receivable S 140,000 Salaries and wages payable S 20,000 9 Inventories S 310,000 Cament portion of bank loan S 45,000 10 Prepaid expenses $ 25,000 Deferred revenue S 15,000 11 Total Current Assets S 585,000 Total Current Liabilides S 170,000 12 13 Non-Current Assets: Non-Current Liabilides: 14 Fumiture and fixtures S 120,000 Bank Loan S 300,000 15 Buildings and property S 450,000 Total Non-Current Liabilides S 300,000 16 (Accumulated Depreciation) S (154,000) 17 Total Non-Current Assets $ 416,000 Owners' Equity: 18 Contributed Capital $ 250,000 19 Retained earnings $ 281,000 20 Total Equity S 531,000 21 22 Total Assets S 1,001,000 Total Liabilides and Owners' Equity S 1,001,000 23 24 25 26 27 28 COMFY HOME COMPANY Balance Sheet 29 As of December 31, 2017 COMFY HOME COMPANY Income Statement For the year ending December 31, 2017 30 31 32 Current Assets: Current Liabilides: Total Revenue $ 1,602,000 33 Cab $ 143,000 Accounts Payable $ 196,000 Cost of Goods Sold $ 985,000 34 Accounts receivable $ 178,000 Salaries and wages payable $ 30,000 Gross Profit $ 617,000 35 Inventories $ 358,000 Current portion of bank loan S 45,000 Salaries and wages S 199,000 36 Prepaid expenses S 33,000 Deferred revenue S 18,000 Marketing expenses S 46,000 37 Total Current Assets S 712,000 Total Current Liabilides $ 289,000 Selling, General, and Administrative S 98,000 38 Insurance expense S 48,000 39 Non-Current Assets: Non-Current Liabilities: Depreciation expense S 44,000 40 Fumiture and fixtures $ 150,000 Bank Loan S 255,000 Operating Profit S 182,000 41 Buildings and property 540,000 Total Non-Current Liabilides S 255,000 42 (Accumulated Depreciation) S (198,000) Interest expense Taxes S 30,000 s 33,000 43 Total Non-Current Assets $ 492,000 Owners' Equity: Net Income $ 119,000 44 Contributed Capital $ 260,000 45 Retained eamings S 400,000 46 Total Equity 660,000 47 48 Total Assets 1,204,000 Total Liabilities and Owners' Equity S 1,204,000 49 so
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education