Question

G19. Balance Shect Microsoft Excel Home Insert Page Layout Formulas Data Review View Dule Femme Bas 9 E Split E Zoom 100% Zoom to New SelectionWindow Glicine Headings Mesar Showice Arrange Freeze Pancs Nomal Pape rege Bak Custom Full Layout Preview Views Screen Workbook Views E10 Macros Side by Side 5 Save Switch w stron Workspace Windows Window Р Will you please create a balance sheet for the info below. Thank you 3 Account Title Credit Debit 119,000 115.000 $ $ 4,025 $ $ $ 79,115 8.000 1.200 $ $ 200.000 60,000 $ 62,500 25,000 $ $ 31,950 27,370 7 Accounts Receivable 8 Allowance For Doubtful Accounts 9 Inventory 10 Prepaid Rent 11 Supplies 12 Land 13 Ruilding 14 Equipment 15 Accumulated Depreciation, Building 16 Accumulated Depreciation Equipment 17 Goodwill 18 Patent 19 Accounts Payable 20 Nates Payable 21 Uneamed Service Revenue 22 Commen Stock 23 Retained Earnings 24 Revenue 25 Salary Expense 25 Cost of Goods Sold 27 Advertising Expense 28 Rent Expense 29 Miscellaneous Expense 30 Supplies Expense 31 Depreciation Expense 32 Salaries Payable 33 Loss on Sale of Equipment Amortization Expense 35 Loss due to Market Dedine for Inv. 35 Bad Debt Expense 37 Allowance to reduce inventory to cost 1.57,715 178,000 104,000 90,000 175,000 731,000 $ $ $ $ $ $ $ $ 4 .500 201,000 15,000 48,000 1.000 4,000 19,500 $ 4,500 $ $ $ $ 2.000 6.600 3,858 6,625 $ 1,492,598 $ 3,858 1,492,598 NEM Sheet1 Sheet2 Sheet Ready

Answer 1

Answer:

Balance Sheet
Assets		Liabilities
Cash	$119,000	Accounts payable	$157,715
Accounts receivable	$115,000	Notes payable	$178,000
Allowance for doubtful accounts	($4,025)	Unearned Service Revenue	$104,000
Inventory	$79,115	Salaries payable	$4,500
Allowance to reuce inventory to cost	($3,858)	Total liabilities	$444,215
Prepaid rent	$8,000	Stockholders' equity
Supplies	$1,200	Common stock	$96,000
Land	$48,000	Retained earnings	$104,037
Building	$250,000	Total Stockholders' equity	$200,037
Equipment	$60,000
Accumulated depreciation, Building	($62,500)
Accumulated depreciation, Equipment	($25,000)
Goodwill	$31,950
Patent	$27,370
Total Assets	$644,252	Total liabilities and stockholders' equity	$644,252

Calculations:

Income Statement
Revenue		$731,000
Expenses:
Salary Expense	$444,500
Cost of goods sold	$201,000
Advertising expense	$15,000
Rent expense	$48,000
Miscellaneous Expense	$1,000
Supplies expense	$4,800
Depreciation expense	$19,500
Loss on sale of equipment	$2,000
Amortization Expense	$6,680
Loss due to Market Decline for Inv.	$3,858
Bad debt Expense	$6,625
Total Expenses		$752,963
Net income(loss)		($21,963)

Retained Earnings
Beginning balance	$126,000
Less: Net loss	($21,963)
Ending balance	$104,037