Question

Raider Consulting Corp began operations on January 1, 2020. They issued 13,500 shares of $2 par value common stock. Chart of Accounts: 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Common Stock, $2 par 32 Paid in Capital in Excess of Par 33 Retained Earnings 34 Dividends Declared 41 Fees Earned 51 Salaries Exp 52 Rent Exp 53 Supplies Exp 54 Depreciation Exp 55 Insurance Exp 56 Advertising Exp 59 Misc Exp Raider Consulting Trial Balance January 31, 2020 Credits Debits 25,680 3,400 1,350 3,200 2,200 16,300 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equip Accumulated Depr Accounts Pay Salaries Pay Unearned Fees Common Stock Paid in Capital in excess of par Retained Earnings 380 650 450 2,250 35,000 2,300 11,100

prepare a balance sheet

Answer 1

Raider Consulting Corp
Balance Sheet
As of Feb 29, 2020 (amount in $)
Assets
current assets:
cash	34855
accounts receivable	400
supply	2050
prepaid rent	3200
prepaid insurance	2200
total current assets		42705
long-term assets
office equipment	16300
less:depreciation	-380	15920
Total assets		58625
Liabilities and stockholders equity
current liabilities
accounts payable	1000
unearned revenue	3150
total current liabilities		4150
long-term liabilities		0
total liabilities		4150
stockholders equity
common stock	37000
pain in capital in excess of par	2300
ending retained (beginning retained+net income (loss)-dividend)	15175
total stockholders equity		54475
Total liabilities and stockholders equity		58625

As working sheet, I have used accounting equation as below to record the transactions for the month of Feb and also to find the closing balances for the balance sheet.

Accounting equation : Assets = Liabilities + Stockholders equity

Feb	assests	liabilities	stockholders equity
cash	accounts receivable	supply	prepaid rent	prepaid insuarnce	net equipment	accounts pay	salary payable	unearned revenue	capital	capital in excess	retained earnings
Beginning	25680	3400	1350	3200	2200	15920	650	450	2250	35000	2300	11100
3	900								900
5	1500	-1500
7	-950							-450				-500
9	-350											-350
13	-350						-350
15		5000										5000
17	5000	-5000
18	2000									2000
20			700				700
21	-950											-950
21		2500										2500
25	2000	-2000
27	4550	-4550
28	-250											-250
28	-300											-300
29	2875											2875
29		2550										2550
29	-6500											-6500
Ending total	34855	400	2050	3200	2200	15920	1000	0	3150	37000	2300	15175