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Q1) Financial Statements. 2008 and 2009 (incomplete) balance sheets for Nobel Oli Corp is given below.

NOBEL OIL CORP.BALANCE SHEET, AS OF END OF YEAR

 

Assets

2008

2009

 Liabilities and Owners' Equity

2008

2009

Current assets

$310

$420

Current Liabilities

$210

$240

Net fixed assets

1,200

1,420

Long - term debt

830

920

a. Determine owner's equity at the end of 2008 and 2009?

b. If Nobel paid dividends of $100 in 2009, and made no stock issues. What should have been net income in the year?

c. If Nobel bought $300 in fixed assets in year, what should have been depreciation charge on the income statement?

d. What was change in net working capital between 2008 and 2009?

e. If Nobel issued $200 of new long-term debt, how much debt should have been paid off in year?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916886

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