Larry's Landscaping Balance Sheets as of the End of February and March 2021 March 31, 2021 February 28, 2021 Assets $ 17,500 17,500 $ 15,000 15,000 Cash Total Current Assets 25,000 100,000 Equipment Building Accumulated Depreciation Equipment.. Accumulated Depreciation Building Land ... 40,000 100,000 (500) (1,000) 20,000 Total Property, Plant & Equipment 158,500 Total Assets $176.000 ..... 20,000 145,000 $160,000 Liabilities Note Payable Long-Term . . $110,000 $100,000 100,000 Total Liabilities 110,000 Owners' Equity 6,000 54,000 6,000 54,000 6,000 66,000 Common Stock Paid-in Capital in Excess of Par Value. Retained Earnings... ...... Total Owners' Equity Total Liabilities and Equity $176.000 60,000 $160,000
Larry's Landscaping Balance Sheets as of the End of February and March 2021 March 31, 2021 February 28, 2021 Assets $ 17,500 17,500 $ 15,000 15,000 Cash Total Current Assets 25,000 100,000 Equipment Building Accumulated Depreciation Equipment.. Accumulated Depreciation Building Land ... 40,000 100,000 (500) (1,000) 20,000 Total Property, Plant & Equipment 158,500 Total Assets $176.000 ..... 20,000 145,000 $160,000 Liabilities Note Payable Long-Term . . $110,000 $100,000 100,000 Total Liabilities 110,000 Owners' Equity 6,000 54,000 6,000 54,000 6,000 66,000 Common Stock Paid-in Capital in Excess of Par Value. Retained Earnings... ...... Total Owners' Equity Total Liabilities and Equity $176.000 60,000 $160,000
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 3DQ
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