Franklin Bakery Accounting Assingment Help With Solution

Question 2A The Balance Sheet items for Franklin’s Bakery were as follows at August 1, 2015.

Accounts payable $10,800.00
Equipment and Fixtures $35,000.00
Accounts Receivables $10,260.00
Land $57,000.00
Building $81,000.00
Notes Payable $65,400.00
Capital Stock $70,000.00
Salaries Payable $7,900.00
Cash $6,940.00
Supplies $4,600.00

During the next two days, the following transactions occurred:

Aug. 2 Additional capital stock was sold for $20,000. The accounts payable were paid in full. (No payment was made on the notes payable or salaries payable.)

Aug. 3 Equipment was purchased at a cost of $6,200 to be paid within 10 days. Supplies were purchased for $1,250 cash from a restaurant supply center that was going out of business. These supplies would have cost $1,890 if purchased through normal channels.

Instructions

a.Prepare a balance sheet at August 1, 2015.

b.Prepare a balance sheet at August 3, 2015, and a statement of cash flows for August 1-3. Classify the payment of accounts payable and the purchase of supplies as operating activities.

c.Assume the notes payable do not come due for several years. Is Franklin Bakery in a stronger financial position on August 1 or on August 3? Explain briefly.

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Question 2B

The balance sheet items of The Sweet Shop (arranged in alphabetical order) were as follows at the close of the business on September 30, 2015:

Accounts Payable $ 5,800.00
Furniture & Fixtures $ 9,000.00
Accounts receivables $ 5,000.00
Land $ 67,000.00
Building $ 48,000.00
Notes Payable ?
Capital Stock $ 70,000.00
Retained earnings $ 15,100.00
Cash $ 5,900.00
Supplies $ 3,000.00

The transactions occurring during the first week of October were:

Oct. 3 Additional capital stock was sold for $30,000. The accounts payable were paid in full. (No payment was made on the notes payable.)

Oct. 6 Furniture was purchased on account at a cost of $5,000, to be paid within 30 days. Supplies were purchased for $700 cash from a restaurant supply center that was going out of business. These supplies would have cost $1,000 if purchased under normal circumstances.

Oct. 1-6 Revenues of $8,000 were earned and received in cash. Expenses required to earn the revenues of $4,200 were incurred and paid in cash.

Instructions

a.Prepare a balance sheet at September 30, 2015. (You will need to compute the missing figure for Notes Payable.)

b.Prepare a balance sheet at October 6, 2015. Also prepare an income statement and a statement of cash flows for the period October 1-6, 2015. In your statement of cash flows, treat the purchase of supplies and the payment of accounts payable as operating activities.

c.Assume the notes payable do not come due for several years. Is The Sweet Shop in a stronger financial position on September 30 or on October 6? Explain briefly.

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