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balance sheet (sip)
We're continuing to analyze the same company as in Modules 1 and 2.
Additional information added in Module 2
- One client indicated that they were interested in purchasing $42,500 worth of products. However, the client has not actually committed to the purchase.
- The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2014 and did not adjust ending inventory for the $42,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.
Additional information for Module 3
- The company made a secondary offering of stock and raised an additional $180,000 which includes $150,000 of Paid-in Capital.
- The company had already paid $15,000 in dividends before deciding on the offering.
- The company now has cash to invest in a piece of raw land on which to build in the future. The investment takes place before year end. The cost of the land is $400,000, the down payment is $40,000 and a note to the bank covers the rest.
Trial Balance (accounts in alphabetical order)
Cost of goods sold
Equipment (net of depreciation)
SLP Assignment Expectations
Prepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in Module 2 and also consider the effect of paying the dividend. You do not need to include the income statement.
The submission should be 2- to 4-pages and need to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format.