Balance Sheets for a Corporation The following balance sheet data are given for Cornell Catering Service,...
Balance Sheets for a Corporation The following balance sheet data are given for Cornell Catering Service, a corporation, as of May 31:
| Accounts Receivable | $28,300 | Accounts Payable | $5,200 | |
| Notes Payable | 20,000 | Cash | 12,200 | |
| Equipment | 55,000 | Common Stock | 62,500 | |
| Supplies | 16,400 | Retained Earnings | ? |
Assume that on June 1, the following transactions
occurred:
June 1: Purchased additional equipment costing $25,000, giving
$5,000 cash and a $20,000 note payable.
June 1: Paid a cash dividend of $7,000
Required
a. Prepare a balance sheet as of May 31.
b. Prepare a balance sheet as of June 2.
| CORNELL CATERING SERVICE Balance Sheet May 31 |
||||
|---|---|---|---|---|
| ASSETS | LIABILITIES & STOCKHOLDERS' EQUITY | |||
| Current Assets: | Current Liabilities: | |||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | $ | CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | $ | |
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | Total Current Liabilities | |||
| Supplies | ||||
| Total Current Assets | Noncurrent Liabilities: | |||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | ||||
| Noncurrent Assets: | Total Noncurrent Liabilities | |||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | ||||
| Total Noncurrent Assets | Total Liabilities | |||
| Stockholders' Equity: | ||||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | ||||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | ||||
| Total Stockholders' Equity | ||||
| Total Assets | $ | Total Liabilities and Stockholders' Equity | $ | |
| CORNELL CATERING SERVICE Balance Sheet June 2 |
||||
|---|---|---|---|---|
| ASSETS | LIABILITIES & STOCKHOLDERS' EQUITY | |||
| Current Assets: | Current Liabilities: | |||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | $ | CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | $ | |
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | Total Current Liabilities | |||
| Supplies | ||||
| Total Current Assets | Noncurrent Liabilities: | |||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | ||||
| Noncurrent Assets: | Total Noncurrent Liabilities | |||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | ||||
| Total Noncurrent Assets | Total Liabilities | |||
| Stockholders' Equity: | ||||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | ||||
| CashAccounts ReceivableAccounts PayableEquipmentCommon StockRetained EarningsNotes Payable | ||||
| Total Stockholders' Equity | ||||
| Total Assets | $ | Total Liabilities and Stockholders' Equity | $ | |
Homework Answers
![CORNELL CATERING SERVICE Balance Sheet May 31 ASSETS LIABILITIES & STOCKHOLDERS EQUITY Current Assets: Cash Accounts Receivable Supplies Total Current Assets Current Liabilities: $12,200 $28,300 $16.400 $56.900 Accounts Payable $5,200 Total Current Liabilities $5,200 Noncurrent Liabilities Notes Payable $20,000 Noncurrent Assels: Total Noncurrent Liabiies $20,000 Equipment $55,000 Total Noncurrent Assets $55,000 Total Liabilities [S5,200+$20,000] $25,200 Stockholders Equity Common Stock Retained Earnings [Refer working Note below] $24,200 Total Stockholders Equity $62,500 $86,700 Total Assets S56,900 +$55,000] $111,900 Total Liabilities and Stockholders Equity $111,900](http://img.homeworklib.com/questions/e11a2280-7114-11ea-a0f2-bd6be787427f.png?x-oss-process=image/resize,w_560)
![CORNELL CATERING SERVICE Balance Sheet June 1 ASSETS LIABILITIES & STOCKHOLDERS EQUITY Current Assets Current Liabilities: CashI$12,200- $5,000 - $7,000] Accounts Receivable Supplies Total Current Assets S200 $28.300 $16,400 $44,900 Accounts Payable $5,200 Total Current Liabilities S5,200 Noncurrent Liabilities Notes Payable [$20,000+ $20,000] Total Noncurrent Liabilities S40,000 Noncurrent Assets: $40,000 Equipment [S55,000 + $25,000] 80,000 Total Noncurrent Assets $80,000 Total Liabilities [S5,200+$40,000] $45,200 Stockholders Equity Common Stock Retained Earnings $24,200-$7,000] Total Stockholders Equity $62,500 $17.200 $79,700 Total Liabilities and Stockholders Equity Total Assets $44,900 $80,000] $124,900 $124,900 I$45,200 +$79,700]](http://img.homeworklib.com/questions/e19b7f40-7114-11ea-9f54-6d9d2c8c7511.png?x-oss-process=image/resize,w_560)
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Balance Sheets for a Corporation The following
balance sheet data are given for Cornell Catering Service,...
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