Based on this information, could you build the closing balance sheet of 2020? Remember to...
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Accounting
Based on this information, could you build the closing balance sheet of 2020? Remember to distinguish between current assets and fixed assets (and its categories) on the asset side of the balance sheet. And between short term debt, long term debt and equity in the liabilities side.
1.- There were some debts with the tax authority due to unpaid taxes (basically VAT) of 128.300 euros, that would have to be paid during the first trimester of 2021.
2.- The different inventories of the company had a value of 287.400 euros.
3.- A short term credit line had been used to finance the acquisition of inventory and the maximum limit of the line was being used: 241.000 euros.
4.- Sporting Apparel Inc. was founded more than 20 years ago with a capital of 200.000 euros.
5.- The company owned two buildings that were bought 10 years ago. The actual book value of them was of 9,6 million euros.
6.- There were also some vehicles (cars and vans basically) that had an actual value of 162.000 euros.
7.- The acquisition of the buildings that the company had bought ten years ago had been financed with a 15- year mortgage. The outstanding amount left at the end of the year was of 5,75 million euros.
8.- Unpaid salaries reached 120.000 euros and they would have to be paid in the following months.
9.- The software licenses of the company had a book value of 28.400 euros.
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