Accounting cookie cutters creations ccc4 1 answer below » chapter 4 - ccc4 open your corrected ccc3 file 2009, and a classified balance sheet as at december 31, 2009 the note payable has a stated interest rate of 6%, and the principal and interest are due on november 16, 2011. The balance sheet although the balance sheet was first implemented just a couple of centuries ago, it has quckly developed and sophisticated to become nowadays a widely used and powerful tool in the hands of professional users, well known and popular even among the mass public. The balance sheet and income statement of cookie & coffeecreations inc for its first year of operations, the year ended october 31, 2013, follows cookie & coffee creations inc.
A balance sheet is exactly what it is, a balance between the assets, liabilities, and stockholders’ equity the basic accounting equation is assets = liabilities plus stockholders’ equity the basic accounting equation is assets = liabilities plus stockholders’ equity. In the end, she settles on “cookie creations” and then moves on to more important issues instructions (a)what form of business organization—proprietorship, partnership, or corporation— do you recommend that natalie use for her business. The comparative balance sheet of cookie & coffee creations inc at october 31, 2014 for the years 2014 and 2013 and the income statement for the year ended october 31, 2014, are presented on the next page.
The balance sheet and income statement of cookie & coffee creations inc for its first year of operations, the year ended october 31, 2013, follows cookie & coffee creations inc balance sheet october 31, 2013 assets current assets cash $32,219 accounts receivable 3,250 merchandise inventory 17,897. (note: this is a continuation of the cookie chronicle from chapters 1 through 11) ccc12 natalie’s high school friend, katy peterson, has been operating a bakery for approximately 18 months because natalie has been so successful operating cookie creations, katy would like to have natalie become her partner katy believes that together they will create a thriving cookie-making business. Balance sheet and cookie creations topics: balance sheet a balance sheet is a financial statement that reports the assets, which are resources owned by a business, liabilities, and stockholders’ equity at a specific date examples of assets would be computers, delivery trucks, furniture, and buildings. Cookie creations balance sheet december 31, 2007 assets currents assets cash $1,130 accounts receivable 875 advertising supplies 50 baking supplies 350 prepaid insurance 1,100 total current assets 3,505 property, plant, and equipment baking equipment $1,200 less: accumulated depreciation—baking equipment 40 $1,160 intangible asset website.
24 the nature of the balance sheet and income statement the emphasis in private contracting is on distribution of net assets so the balance sheet is a conservative estimate of the value of the net assets rather than a measure of firm value (ie, the balance sheet did not incorporate the value of rents.
Cookie creations 13 the comparative balance sheet of cookie & coffee creations inc at october 31, 2020 for the years 2020 and 2019, and the income statements for the years ended october 31, 2019 and 2020, are presented below.
Ccc1natalie koebel spent much of her childhood learning the art of cookie-making from her grandmother they passed many happy hours mastering every type of cookie imaginable and later creating new recipes that were both healthy and delicious. The baker’s nook cookie creations cash $ 1,500 $12,000 accounts receivable 6,000 800 allowance for doubtful accounts (750) 0 merchandise inventory 450 1,200 equipment 7,500 1,000 bank loan payable 10,000 0 all assets would be transferred into the partnershipthe partnership would assume all of the liabilities of the two proprietorshipsthe.