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  • Case 2-1 Maynard Company (A) Cash A/Rec. Building Dep. On Building Equipment Dep. On Equipment Land

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    Maynard Company A

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    14 views6 pages

    Case 2-1 Maynard Company (A) Cash A/Rec. Building Dep. On Building Equipment Dep. On Equipment Land

    Uploaded by

    coolguypj

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 6

    Case 2-1

    Maynard Company (A)


    Cash

    Open
    B/Sht

    A/Rec.

    34,983
    34,983

    Building

    21,798
    21,798

    585,000
    585,000

    Dep. on
    building

    Equipment

    (156,000)
    (156,000)

    13,260
    13,260

    Total Assets =

    Close
    B/Sht

    66,660
    66,660

    26,505
    26,505

    585,000
    585,000

    Dep. on
    equipment
    (5,304)
    (5,304)

    Land

    89,700
    89,700

    638,538

    (157,950)
    (157,950)

    36,660
    36,660

    Total Assets =

    (5,928)
    (5,928)

    89,700
    89,700

    681,888

    Maynard Company
    Balance Sheet as at 1st June 200X
    Cost
    Non-Current Assets:
    Land
    Building
    Equipment
    Others
    Current Assets:
    Inventory & supplies
    A/c Receivable
    Note received - Maynard
    Prepaid Insurance
    Cash
    Less: Current Liabilities
    A/c Payable
    Accruals
    Tax payable
    Net Current Assets

    Acc Dep.

    89,700
    585,000
    13,260
    4,857

    (156,000)
    (5,304)
    -

    $
    89,700
    429,000
    7,956
    4,857
    531,513

    35,394
    21,798
    11,700
    3,150
    34,983
    107,025
    8,517
    1,974
    5,700
    16,191
    90,834

    622,347
    Financed By:
    Capital
    Retained Earnings
    Total shareholder's fund
    Non-Current Liabilities
    Bank Notes
    Other Non-current Liabilities

    390,000
    221,511
    611,511
    8,385
    2,451
    622,347

    Inventory Note
    rec.
    29,835
    29,835

    Non Curr. Prepaid Supplies


    Assets
    Ins.

    11,700
    11,700

    4,857
    4,857

    3,150
    3,150

    5,559
    5,559

    Capital

    390,000
    390,000

    Ret.
    Earnings
    221,511
    221,511

    A/Pay.

    8,517
    8,517

    Total Equity & liabilities =


    26,520
    26,520

    0
    0

    5,265
    5,265

    2,826
    2,826

    6,630
    6,630

    390,000
    390,000

    229,446
    229,446

    21,315
    21,315

    Total Equity & liabilities =

    Maynard Company
    Balance Sheet as at 30th June 200X
    Cost
    Non-Current Assets:
    Land
    Building
    Equipment
    Others
    Current Assets:
    Inventory & supplies
    A/c Receivable
    Note received - Maynard
    Prepaid Insurance
    Cash
    Less: Current Liabilities
    A/c Payable
    Accruals
    Tax payable
    Net Current Assets

    89,700
    585,000
    36,660
    5,265

    33,150
    26,505
    0
    2,826
    66,660
    129,141
    21,315
    2,202
    7,224
    30,741

    Financed By:
    Capital
    Retained Earnings
    Total shareholder's fund
    Non-Current Liabilities
    Bank Notes
    Other Non-current Liabilities

    Accured
    wages
    1,974
    1,974

    Bank
    Note
    8,385
    8,385

    otal Equity & liabilities =

    Non Curr. Tax


    Liab.
    payable
    2,451
    2,451

    5,700
    5,700

    638,538
    2,202
    2,202

    29,250
    29,250

    otal Equity & liabilities =

    Acc Dep.

    2,451
    2,451

    681,888

    89,700
    (157,950) 427,050
    5,928
    42,588
    5,265
    564,603

    98,400

    7,224
    7,224

    663,003

    390,000
    229,446
    619,446
    29,250
    2,451
    651,147

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