ACC – Jolly Joe’s Novelties, Inc.
Jolly Joe's Novelties, Inc. had the monetary information proven under final 12 months. Jolly Joe's has simply invented a brand new toy which they count on will trigger gross sales to double from $100,000 to $200,000, growing web revenue to $16,000. The corporate feels they will deal with the rise with out including any mounted property. a. Will Jolly Joe's want any new outdoors funding in the event that they pay no dividends? b. If that's the case, how a lot?ASSETS Present YearCurrent Belongings: Money $eight,000Accounts Recievable $four,500Stock $9,500Complete Present Belongings $22,000Mounted Belongings $340,000TOTAL ASSETS $362,000LIABILITIES AND EQUITY Present Liabilities: Accounts Payable $three,500Accrued Bills $1,500Notes Payable $20,000Complete Present Liabilities $25,000Mortgage $265,000Complete Liabilities $290,000Frequent Inventory $32,000Retained Earnings $40,000Complete Fairness $72,000TOTAL LIABILITIES AND EQUITY $362,000