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Problem 12 Using the following information, prepare a balance sheet on December 31, 20X7, for the...
List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth...
List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash ........ $ 18,500 Accounts payable. 31,300 Supplies .... 6,500 Prepaid insurance 16,600 Land......... 225,000 Total current assets $297,900 Property, plant, and equipment: Building........ $400,000 Equipment... 97,000 Total property, plant, and equipment. 635,400 Total assets.... $933,300 Liabilities Current liabilities: Accounts receivable.... Accumulated depreciation-building. Accumulated depreciation-equipment Net income $ 41,400 155,000...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019. Accounts payable $16,800 Accounts receivable 70,300 Accumulated depreciation (building) 106,200 Accumulated depreciation (furniture) 27,600 Bonds payable (due in 7 years) 192,000 Building 300,000 Cash 41,450 Common stock 115,620 Cost of goods sold 511,350 Depreciation expense (building) 11,050 Depreciation expense (furniture) 12,000 Furniture 130,000 Income taxes expense 16,650 Income taxes payable 11,400 Insurance expense 36,610 Interest expense 15,500 Inventory 59,850 Other...
please complete condensed balance sheet. The Cougar Hotel Condensed Balance Sheet December 31, 20X7 and 20x8...
please complete condensed balance sheet.
The Cougar Hotel Condensed Balance Sheet December 31, 20X7 and 20x8 20x1 20x2 Changes Assets Current Assets Cash Accounts Receivable Inventory Prepaids Total Current Assets 305,124 522,417 199,000 52,000 1,078,541 159,000 456,377 247,000 49,000 911,377 0.85% 2.45% 1.33% 0.26% 4.89% Investments 1,000,000 1,000,000 5.37% Property and Equipment Land Building Equipment Accumulated Depreciation Net Property and Equipment 1,618,000 18,328,000 5,896,022 (8,118,000) 17,724,022 1,618,000 18,328,000 6,755,640 (9,987,560) 16,714,080 8.69% 98.40% 36.279 -53.62% 89.74% Total Assets 19,802,563 18,625,457...
Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:
Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:Account Titles BalancesAccounts payable300,000Accounts receivable100,000Accumulated depreciation- Building600,000Accumulated depreciation—Equipment200,000Advertising expense35,000Allowance for had bad debts20,000Bad debts expense10,000Building2,000,000Cash280,000Depreciation expense100,00Equipment1,800,000Land1,000,00Miscellaneous expense2,000Owner's capital2,000,000Owner's drawings40,000Prepaid supplies20,000Salaries expense630,000Salaries payable60,000Service fees3,000,000Supplies expense30,000Taxes and licenses60,000Transportation and travel expenses70,000Utilities expense23,000Utilities payable20,000Requirement: Prepare the unadjusted trial balance.
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments...
The trial balance of A. Duck Ponds, Inc., at December 31, 20XX, and the data needed...
The trial balance of A. Duck Ponds, Inc., at December 31, 20XX, and the data needed for the year-end adjustment journal entries follow. (Round all results to the nearest whole dollar amount.) Depreciation on furniture for the year, $420. Depreciation on building for the year, $980. Depreciation on equipment for the year, $2,350 Duck Ponds, Inc. Trial Balance December 31, 20XX Account Title Debit Credit Cash $19,300 Accounts receivable 47,630 Allowance for doubtful accounts 250 Prepaid rent 1,680 Supplies 6,800...
The trial balance of A. Duck Ponds, Inc., at December 31, 20XX, and the data needed...
The trial balance of A. Duck Ponds, Inc., at December 31, 20XX, and the data needed for the year-end adjustment journal entries follow. (Round all results to the nearest whole dollar amount.) Depreciation on furniture for the year, $420. Depreciation on building for the year, $980. Depreciation on equipment for the year, $2,350 NEED JUST THE ADJUSTING JOURNAL ENTRIES Duck Ponds, Inc. Trial Balance December 31, 20XX Account Title Debit Credit Cash $19,300 Accounts receivable 47,630 Allowance for doubtful accounts...
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances:...
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 Required Prepare a December 31 classified balance sheet for Ari Company.
Below is the comparative balance sheet for Sarasota Corporation Dec. 31, 2017 Dec. 31, 2016 $16,500 24,800 43,000 $20,800 18,900 45,100 (1,900 ) 2,600 64,800 49,600 73,700 (22,800 ) 46,400 (15,400) 3...
Below is the comparative balance sheet for Sarasota Corporation Dec. 31, 2017 Dec. 31, 2016 $16,500 24,800 43,000 $20,800 18,900 45,100 (1,900 ) 2,600 64,800 49,600 73,700 (22,800 ) 46,400 (15,400) 38,700 (20,700) -0 Cash Short-term investments Accounts receivable Allowance for doubtful accounts Prepaid expenses Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Delivery equipment Accumulated depreciation-delivery equipment Patents (1,800 ) 4,100 81,600 49,600 124,700 (30,300) 52,800 (19,100 ) 38,700 (22,200 ) 15,000 $377,400 $299,800 $16,000 5,900 4,700 53,100 62,400...
complete The Cougar Hotel Condensed Balance Sheet December 31, 20X7 and 20x8 20x1 20x2 Changes Assets...
complete
The Cougar Hotel Condensed Balance Sheet December 31, 20X7 and 20x8 20x1 20x2 Changes Assets Current Assets Cash Accounts Receivable Inventory Prepaids Total Current Assets 305,124 522,417 199,000 52,000 1,078,541 159,000 456,377 247,000 49,000 911,377 0.85% 2.45% 1.33% 0.26% 4.89% Investments 1,000,000 1,000,000 5.37% Property and Equipment Land Building Equipment Accumulated Depreciation Net Property and Equipment 1,618,000 18,328,000 5,896,022 (8,118,000) 17,724,022 1,618,000 18,328,000 6,755,640 (9,987,560) 16,714,080 8.69% 98.40% 36.279 -53.62% 89.74% Total Assets 19,802,563 18,625,457 100.00% Liabilities & Owners'...
List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash ........ $ 18,500 Accounts payable. 31,300 Supplies .... 6,500 Prepaid insurance 16,600 Land......... 225,000 Total current assets $297,900 Property, plant, and equipment: Building........ $400,000 Equipment... 97,000 Total property, plant, and equipment. 635,400 Total assets.... $933,300 Liabilities Current liabilities: Accounts receivable.... Accumulated depreciation-building. Accumulated depreciation-equipment Net income $ 41,400 155,000...
please complete condensed balance sheet.
The Cougar Hotel Condensed Balance Sheet December 31, 20X7 and 20x8 20x1 20x2 Changes Assets Current Assets Cash Accounts Receivable Inventory Prepaids Total Current Assets 305,124 522,417 199,000 52,000 1,078,541 159,000 456,377 247,000 49,000 911,377 0.85% 2.45% 1.33% 0.26% 4.89% Investments 1,000,000 1,000,000 5.37% Property and Equipment Land Building Equipment Accumulated Depreciation Net Property and Equipment 1,618,000 18,328,000 5,896,022 (8,118,000) 17,724,022 1,618,000 18,328,000 6,755,640 (9,987,560) 16,714,080 8.69% 98.40% 36.279 -53.62% 89.74% Total Assets 19,802,563 18,625,457...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments...
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 Required Prepare a December 31 classified balance sheet for Ari Company.
Below is the comparative balance sheet for Sarasota Corporation Dec. 31, 2017 Dec. 31, 2016 $16,500 24,800 43,000 $20,800 18,900 45,100 (1,900 ) 2,600 64,800 49,600 73,700 (22,800 ) 46,400 (15,400) 38,700 (20,700) -0 Cash Short-term investments Accounts receivable Allowance for doubtful accounts Prepaid expenses Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Delivery equipment Accumulated depreciation-delivery equipment Patents (1,800 ) 4,100 81,600 49,600 124,700 (30,300) 52,800 (19,100 ) 38,700 (22,200 ) 15,000 $377,400 $299,800 $16,000 5,900 4,700 53,100 62,400...
complete
The Cougar Hotel Condensed Balance Sheet December 31, 20X7 and 20x8 20x1 20x2 Changes Assets Current Assets Cash Accounts Receivable Inventory Prepaids Total Current Assets 305,124 522,417 199,000 52,000 1,078,541 159,000 456,377 247,000 49,000 911,377 0.85% 2.45% 1.33% 0.26% 4.89% Investments 1,000,000 1,000,000 5.37% Property and Equipment Land Building Equipment Accumulated Depreciation Net Property and Equipment 1,618,000 18,328,000 5,896,022 (8,118,000) 17,724,022 1,618,000 18,328,000 6,755,640 (9,987,560) 16,714,080 8.69% 98.40% 36.279 -53.62% 89.74% Total Assets 19,802,563 18,625,457 100.00% Liabilities & Owners'...
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