Question

Balance Sheet 2014 2015 Cash 900,000 988,000 Accounts receivable 550,000 500,000 Inventories 560,000 650,000 Current Assets 2,010,000 2,138,000 Net fixed assets 2,250,000 2,470,000 Total Assets 4,260,000 4,608,000 Notes payable 300,000 ??? Accounts payable 180,000 220,000 Accruals 30,000 50,000 Current Liabilities 510,000 530,000 Long-term debt 2,000,000 2,100,000 Common stock @ par 50,000 58,000 Additional paid in capital 1,000,000 1,160,000 Retained earnings 700,000 760,000 Total Liabilities & Equity 4,260,000 4,608,000 2. Notes payable in 2015 were $__________. a. 245,000 b. 250,000 c. 255,000 d. 260,000 e. 265,000

Answer 1

d. 260,000

Step-by-step explanation:

Notes payable = Total Liabilities & Equity - other items in Liabilities & Equity = 4,608,000 - Accounts payable 220,000 - Accruals 50,000 - Long term debt 2,100,000 - Common stock 58,000 - Additional paid in capital 1,160,000 - Retained earnings 760,000

= 260,000