Question

prepare a balance sheet as of july 31, 2021.

prepare a balance sheet as of July 31, 2021. Thrifty's account balances for the month ending July 31, 2021 are: Cash Utilities expens Supplies 5 Equipment Land 3 Miscellaneous Common stock $3,000 Rent expense 2,200 Accounts receivable 8,000 Salaries expense 85,000 Sales 100,000 Retained earnings, July 1 1,300 Dividends 150,000 Accounts payable $41,000 40,000 192,000 250,000 27,800 4,500 49,200

Answer 1

Balance sheet
Current Assets
Cash	$      3,000
Supplies	$      8,000
Accounts receivable	$   40,000
Total current assets		$   51,000
Plant Property and Equipment
Equipment	$   85,000
Land	$ 100,000
Total Plant Property and Equipment		$ 185,000
Total assets		$ 236,000
Current Liabilities
Accounts payable	$   49,200
Total Current Liabilities		$   49,200
Shareholders Equity
Common stock	$ 150,000
Retained earnings	$   36,800
Total shareholders equity		$ 186,800
Total liabilities & equity		$ 236,000

Workings:

Income statement
Sales	$ 250,000
Less expenses
Utilities expense	$      2,200
Miscellaneous expense	$      1,300
Rent expense	$   41,000
Salaries expense	$ 192,000
Net Income	$   13,500
Statement of retained earnings
Retained earnings July 1	$   27,800
Add:net Income	$   13,500
	$   41,300
Less:Dividends	$      4,500
Retained earnings July 31	$   36,800