Below find a balance sheet for VWV Company.
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VWV Company |
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Balance Sheet |
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December 31, 20XX |
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Assets |
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Liabilities |
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Current assets |
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Current liabilities |
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Cash |
$72,000 |
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Accounts payable |
$12,000 |
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Accounts receivable |
18,000 |
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Interest payable |
12,000 |
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Interest receivable |
1,000 |
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Inventory |
60,000 |
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Total current assets |
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$151,000 |
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Total current liabilities |
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$24,000 |
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Long-term assets |
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Long-term liabilities |
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Equipment (net of depreciation) |
$128,000 |
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Note payable |
100,000 |
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Total long-term assets |
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$128,000 |
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Total long-term liabilities |
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$100,000 |
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Equity |
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Common stock |
10,000 |
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Paid-in capital |
50,000 |
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Retained earnings |
95,000 |
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Total equity |
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$155,000 |
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Total assets |
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279,000 |
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Total liabilities and equity |
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$279,000 |
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Required:
Recreate the balance sheet in an Excel spreadsheet. Use cell formulae to add and subtract numbers. Add a column next to the balance sheet for answers to the questions in this case.
Submit the Excel spreadsheet. All information should be part of the spreadsheet. Written comments should be brief and refer to the balance sheet.
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