ACT350 Gander Balance Sheet & Stockholder’s Equity 1 page memo needed and Balance Sheet and Stockholder’s Equity YOUR COMPANY Balance Sheet As of December

ACT350 Gander Balance Sheet & Stockholder’s Equity 1 page memo needed and Balance Sheet and Stockholder’s Equity YOUR COMPANY
Balance Sheet
As of December 31, 2018
ASSETS
Current assets:
Cash
Accounts receivable
Inventories
Total current assets
Property, plant, and equipment:
Plant Assets (net)
Less: Accumulated depreciation
Net Plant Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities:
Accounts payable
Interest payable
Notes payable
Total Current Liabilities
STOCKHOLDERS’ EQUITY
Common Stock
Retained Earnings
Total Stockholders’ Equity
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY
Current Ratio
Debt to Equity Ratio
Option #1: Balance Sheet and Statement of Stockholders’ Equity
You are the Controller at Gander, Inc. and are responsible for preparing and analyzing the balance
sheet for December 31, 2018, the end of the company’s fiscal year. Gander Inc. had the following
balance sheet balances at December 31st
GANDER, INC.
Balance Sheet
As of December 31, 2018
Cash
$62,106
Accounts payable
$44,616
Accounts
receivable
$24,948
Notes payable
$46,200
Inventories
$130,360
Interest payable
$2,310
Plant assets (net) $150,000
Common stock
$250,000
Retained earnings
$24,288
Total Assets
$367,414
Total Liabilities &
$367,414
Equity
During 2018, the following occurred:
1. Customer sales on account $400,000.
2. Received payments from customers in cash $380,000.
3. Purchased merchandise on credit $220,000.
4. Paid cash to vendors $230,000.
5. Costs related to merchandise sold $170,000.
6. Operating expenses were paid in cash $80,000.
7. Interest paid on the note in cash $10,000.
There is additional information to consider. The note payable was issued on June 30, 2018, and is
due in two years on June 30, 2020. Interest in the amount of 10% is paid annually on June 30th
Depreciation on the plant assets for the year is $20,000. The original cost of the plant assets was
$300,000
Required:
1. Using the ACT350_CTTemplate_Mod_option 1.xlsx file (in the module folder), prepare a
classified balance sheet for 2018 for Gander.
2. Calculate the Current ratio and the Debt to equity ratio.
3. Write a one-to two-page memo explaining the following:
• Analyze the company’s 2018 balance sheet, including an evaluation of the current ratio and
the debt to equity ratio.
• State the differences between balance sheet reporting according to U.S. Generally Accepted
Accounting Principles (GAAP) versus those prepared using International Financial Reporting
Standards (IFRS).
Include a separate title page and reference page for your written assignment. Use the CSU-Global
Guide to Writing and APA Requirements e and cite at least two peer-reviewed sources, in addition to
the required readings for this module.

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