I'm not able to get this accounting problem to balance. Can anyone assist?
Edit: These were the only transactions given to us by the professor with the instructions to arrange them into a classified balance sheet.
Homework Answers
The given trial balance is surely INCOMPLETE. Based on Items and their values ,we create the following balance sheet:
| Equity and Liabilities | Assets | ||||
| Notes Payable (long term) | 16000 | PPE | 48000 | ||
| Long term debt | 8000 | 24000 | Long term Investment | 8320 | |
| Notes Receivable (long term) | 8000 | ||||
| Current Liabilities | |||||
| Notes Payable (short term) | 12000 | ||||
| Poperty Tax payable | 1000 | Current Assets | |||
| Income Taxes payable | 1580 | Notes Receivable (short term) | 20800 | ||
| Salaries payable | 680 | Prepaid Insurance | 320 | ||
| Accounts Payable | 13280 | 28540 | Supplies | 280 | |
| Unearned Revenue | 600 | ||||
| Equity | Cash | 1200 | |||
| Common Stock | 15200 | Marketable securities | 10080 | ||
| Retained earnings | 5860 | 21060 | Merchandise inventory | 20320 | |
| Accounts Receivable | 8160 | 61760 | |||
| SUSPENSE A/C | 52480 | ||||
| 126080 | 126080 | ||||
The difference in trial balance of 52480/- is shown in Suspense a/c used to handle mismatch in ledgers under a double entry system. Please provide any further information on this problem.
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I'm not able to get this accounting problem to balance. Can
anyone assist?
Edit: These were...
Liquidity Ratios E 10 The accounts and balances that follow are from the general ledger of...
Liquidity Ratios E 10 The accounts and balances that follow are from the general ledger of Dimaz Company. Compute the (1) working capital Accounts Payable $ 6,640 Accounts Receivable 4,080 Cash 600 Current Portion of Long-Term Debt 4,000 Long-Term Investments 8,320 Marketable Securities 5,040 Merchandise Inventory 10,160 Notes Payable (90 days) 6,000 Notes Payable (2 years) 16,000 Notes Receivable (90 days) 10,400 Notes Receivable (2 years) 8,000 Prepaid Insurance...
The following items appear on the balance sheet of a company with a one-year operating cycle....
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Prepare a classified balance sheet ignoring monetary amounts. We were unable to transcribe this imageLess: Accumulated...
Prepare a classified balance sheet ignoring monetary
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The following items appear on the balance sheet of a company with a two-month operating cycle....
The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or N if it is not a liability Classification Item 1. Notes payable (due in 13 to 24 months). 2 Notes payable (due in 6 to 12 months). 3 Notes payable (mature in five years) 4 Current portion of long-term debl....
Problem 5-2 Presented below are a number of balance sheet items for Sheffield, Inc. for the current year, 2020. Goodwil...
Problem 5-2 Presented below are a number of balance sheet items for Sheffield, Inc. for the current year, 2020. Goodwill $128,780 Accumulated Depreciation-Equipment $292,310 Payroll Taxes Payable 181,371 Inventory 243,580 Bonds payable Rent payable (short-term) 303,780 48,780 Discount on bonds payable Income taxes payable 15,310 102,142 Cash Rent payable (long-term) Common stock, $1 par value 363,780 483,780 Land 203,780 483,780 Preferred stock, $10 par value Notes receivable 449,480 153,780 Prepaid expenses Notes payable (to banks) 268,780 91,700 493,780 Equipment Debt...
Problem 5-2 Presented below are a number of balance sheet items for Teal, Inc. for the...
Problem 5-2 Presented below are a number of balance sheet items for Teal, Inc. for the current year, 2020. Goodwill $ 127,990 Accumulated Depreciation-Equipment $ 292,160 Payroll Taxes Payable 180,581 Inventory 242,790 Bonds payable 302,990 Rent payable (short-term) 47,990 Discount on bonds payable 15,160 Income taxes payable 101,352 Cash 362,990 Rent payable (long-term) 482,990 Land 482,990 Common stock, $1 par value 202,990 Notes receivable 448,690 Preferred stock, $10 par value 152,990 Notes payable (to banks) 267,990 Prepaid expenses 90,910 Accounts...
Problem 5-2 Presented below are a number of balance sheet items for Ayayai, Inc., for the...
Problem 5-2 Presented below are a number of balance sheet items for Ayayai, Inc., for the current year, 2017. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 129,170 Accumulated Depreciation-Equipment 181,761 Inventory 304,170 Rent payable (short-term) 15,100 Income taxes payable 364,170 Rent payable (long-term) 484,170 Common stock, $1 par value 449,870 Preferred stock, $10 par value 269,170 Prepaid expenses...
View Policies Current Attempt in Progress The following items are taken from the financial statements of...
View Policies Current Attempt in Progress The following items are taken from the financial statements of Sheridan Company at December 31, 2022 Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable $197.500 21,500 10,400 11,900 82.900 261,000 46,400 5.200 13,500 80,000 490,000 32,800 10,400 95,500 18,900 3,800 15,200 Notes receivable (due in...
1. Classified Balance Sheet The following accounts appear in an adjusted trial balance of Waterloo Consulting....
1. Classified Balance Sheet The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether each account would be reported in the current asset; property, plant, and equipment; current liability; long-term liability; or owner's equity section of the December 31, 2018, balance sheet of Waterloo Consulting. 1. Building 2. Cindy Sue Delaney, Capital 3. Notes Payable (due in five years) 4. Prepaid Rent 5. Salaries Payable 6. Supplies 7. Taxes Payable 8. Unearned Service Fees Options are:...
The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or Nif it is not a liability Item Classification 1. Bonds payable (due in 9 months) 2. Notes payable (due in 120 days) 3. Current portion of long-term debt. 4. Bonds payable (due in 2 years) 5. Notes payable (due in...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
Prepare a classified balance sheet ignoring monetary
amounts.
We were unable to transcribe this imageLess: Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets Copyright Patent Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Notes payable Wages payable Accounts payable Rent payable Taxes payable Total current liabilities Long-term liabilities Bonds payable Notes payable Total current liabilities Shareholders' equity Preferred stock Common stock Retained earnings Total liabilities and shareholders' equity Name of Company Balance Sheet At [date] Assets...
The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or N if it is not a liability Classification Item 1. Notes payable (due in 13 to 24 months). 2 Notes payable (due in 6 to 12 months). 3 Notes payable (mature in five years) 4 Current portion of long-term debl....
Problem 5-2 Presented below are a number of balance sheet items for Sheffield, Inc. for the current year, 2020. Goodwill $128,780 Accumulated Depreciation-Equipment $292,310 Payroll Taxes Payable 181,371 Inventory 243,580 Bonds payable Rent payable (short-term) 303,780 48,780 Discount on bonds payable Income taxes payable 15,310 102,142 Cash Rent payable (long-term) Common stock, $1 par value 363,780 483,780 Land 203,780 483,780 Preferred stock, $10 par value Notes receivable 449,480 153,780 Prepaid expenses Notes payable (to banks) 268,780 91,700 493,780 Equipment Debt...
Problem 5-2 Presented below are a number of balance sheet items for Ayayai, Inc., for the current year, 2017. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 129,170 Accumulated Depreciation-Equipment 181,761 Inventory 304,170 Rent payable (short-term) 15,100 Income taxes payable 364,170 Rent payable (long-term) 484,170 Common stock, $1 par value 449,870 Preferred stock, $10 par value 269,170 Prepaid expenses...
View Policies Current Attempt in Progress The following items are taken from the financial statements of Sheridan Company at December 31, 2022 Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable $197.500 21,500 10,400 11,900 82.900 261,000 46,400 5.200 13,500 80,000 490,000 32,800 10,400 95,500 18,900 3,800 15,200 Notes receivable (due in...
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