Lone Pine Cafe Case
Case 2-3
Lone Pine Cafe (A)*
Karamoy, Claudya
Loria, Karla
Uy, Casandra Alexis
Allan Quijano
ENT603M
1. Prepare a balance sheet for the Lone Pine Cafe as of November 2, 2001.
LONE PINE CAFE
BALANCE SHEET AS OF NOVEMBER 2, 2001
Assets
Current Assets
Cash……………………………………………………………$10, 172
Inventory………………………………………………………. 2, 800
Prepaid Expense……………………………………………… 1, 428 Total current assets………………………………………. $14, 440
Cafe Equipment………………………………………………. 54, 600 Total assets……………………………………………….. $69, 000
Liabilities and Owners’ Equity
Note payable…………………………………………………. $21, 000
Owners’ Equity:..................................................................
Mrs. Landers…………………………………………………..$16, 000
Mr. Antoine……………………………………………………. 16, 000
Mrs. Antoine…………………………………………………… 16, 000 48, 000 Total liabilities and owners’ equity…………………….... $69, 000
2. Prepare a balance sheet as of March 30, 2002.
LONE PINE CAFE
BALANCE SHEET AS OF MARCH 30, 2002
Assets
Current Assets:
Cash……………………………………………………………..$1, 341
Accounts receivable…………………………………………... 870
Inventory………………………………………………………… 2, 430
Prepaid expense……………………………………………….. 833 Total current assets………………………………………… $5, 474
Noncurrent assets:
Cafe Equipment…………………………………………………. 54, 600
Less: Accumulated depreciation……………………………….(2, 445) 52, 155 Total assets……………………………………………………. $57, 629
Liabilities and Owners’ Equity
Current Liabilities:
Accounts payable…………………………………………………… $ 1, 583
Other liabilities:
Note payable:.............................................................................. 18, 900 Total liabilities………………………………………………….. 20, 483
Owners’ equity:
Mrs.
Lone Pine Cafe (A)*
Karamoy, Claudya
Loria, Karla
Uy, Casandra Alexis
Allan Quijano
ENT603M
1. Prepare a balance sheet for the Lone Pine Cafe as of November 2, 2001.
LONE PINE CAFE
BALANCE SHEET AS OF NOVEMBER 2, 2001
Assets
Current Assets
Cash……………………………………………………………$10, 172
Inventory………………………………………………………. 2, 800
Prepaid Expense……………………………………………… 1, 428 Total current assets………………………………………. $14, 440
Cafe Equipment………………………………………………. 54, 600 Total assets……………………………………………….. $69, 000
Liabilities and Owners’ Equity
Note payable…………………………………………………. $21, 000
Owners’ Equity:..................................................................
Mrs. Landers…………………………………………………..$16, 000
Mr. Antoine……………………………………………………. 16, 000
Mrs. Antoine…………………………………………………… 16, 000 48, 000 Total liabilities and owners’ equity…………………….... $69, 000
2. Prepare a balance sheet as of March 30, 2002.
LONE PINE CAFE
BALANCE SHEET AS OF MARCH 30, 2002
Assets
Current Assets:
Cash……………………………………………………………..$1, 341
Accounts receivable…………………………………………... 870
Inventory………………………………………………………… 2, 430
Prepaid expense……………………………………………….. 833 Total current assets………………………………………… $5, 474
Noncurrent assets:
Cafe Equipment…………………………………………………. 54, 600
Less: Accumulated depreciation……………………………….(2, 445) 52, 155 Total assets……………………………………………………. $57, 629
Liabilities and Owners’ Equity
Current Liabilities:
Accounts payable…………………………………………………… $ 1, 583
Other liabilities:
Note payable:.............................................................................. 18, 900 Total liabilities………………………………………………….. 20, 483
Owners’ equity:
Mrs.