Homework Answers
| Equilibrium Riding Inc. | ||
| Balance Sheet | ||
| 31-Dec-21 | ||
| Assets | ||
| Current assets | ||
| Cash | $68,100.00 | |
| Accounts receivable | $5,600.00 | |
| Prepaid Insurance | $7,750.00 | |
| Total current assets | $81,450.00 | |
| Property Plant & Equipment | ||
| Land | $35,250.00 | |
| Equipment | $78,600.00 | |
| $113,850.00 | ||
| Total assets | $195,300.00 | |
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | $30,600.00 | |
| Unearned Revenue | $2,650.00 | |
| Total current liabilities | $33,250.00 | |
| Note Payable | $78,000.00 | |
| Total liabilities | $111,250.00 | |
| stockholders' Equity | ||
| Common Stock | $5,000.00 | |
| Retained Earning (59020+26000-4500-905-565) | $79,050.00 | |
| Total stockholders' equity | $84,050.00 | |
| Total liabilities and stockholders' equity | $195,300.00 | |
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3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding. Inc.,...
Check my work The following accounts are taken from Equilibrium Riding, Inc., a company that specializes...
Check my work The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31 5 Book Credits Print erences EQUILIBRIUM RIDING, INC. Unadjusted Trial Balance At December 31 Account Name Debits Cash $ 59,750 Accounts Receivable 3,300 Prepaid Insurance 4,700 Equipment 64,600 Land Accounts Payable 23,000 Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends e Service Revenue Salaries and wages Expense 3,900 Repairs and Maintenance...
The following accounts are taken from Kijijo Riding Corp., a company that specializes in occupational therapy...
The following accounts are taken from Kijijo Riding Corp., a company that specializes in occupational therapy and horseback riding lessons, as of December 31 KÍJİJO RIDING CORP. Unadjusted Trial Balance At December 31 Debits $65,600 7,050 8,450 73,350 25,950 Credits Account Name Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expenses Totals 33,700 1,400 61,000 5,000 54,045 30,500...
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of...
The unadjusted trial balance and income statement amounts from
the December 31 adjusted trial balance of
Emerson Production Company follow.
.Use the data in the partial worksheet to prepare Emerson
Production Company's
classified balance sheet at December 31 of the current year. Use
the report format. First you must calculate the adjusted balance
for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
Company
(If a box is not used in the balance sheet leave the...
Presented below is the adjusted trial balance of Tamarisk, Inc. at December 31, 2017. Prepare a...
Presented below is the adjusted trial balance of Tamarisk, Inc.
at December 31, 2017.
Prepare a classified balance sheet as of December 31, 2017.
We were unable to transcribe this imageTamarisk, Inc. Balance Sheet December 31, 2017 Assets Current Assets Cash $ Accounts Receivable Supplies Prepaid Insurance Total Current Assets $ Equipment Less Accumulated Depreciation-Equipment Trademarks Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and Wages Payable Unearned Service Revenue Total Current Liabilities Long-term Liabilities Bonds Payable...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 4,480 42,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $24,000 2,700 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 49,400 17,250 2,200 4,950 Required: Prepare a...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019....
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
The following accounts are taken from Kijijo Riding Corp., a company that specializes in occupational therapy...
The following accounts are taken from Kijijo Riding Corp., a company that specializes in occupational therapy and horseback lessons, as of December 31. Credits KIJIJO RIDING CORP. Unadjusted Trial Balance At December 31 Account Name Debits Cash $ 69,300 Accounts Receivable 6,550 Prepaid Insurance 7.250 Equipment 68,700 Land 29,250 Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and wages Expense 6,450 Repairs and Maintenance Expense office Expenses 635 Totale 5188,595 $ 33,600 1,850...
ter 9 The classified balance sheet for Tipke, Inc., as of December 31 sented next ber...
ter 9 The classified balance sheet for Tipke, Inc., as of December 31 sented next ber 31, 2010,i P9-44A. Calculation of debt ratio (Learning Objective 7) 10-15 min. Tipke, Inc. Balance Sheet December 31, 2010 Current Liabilities 17,500 Accounts Payable 5,400 Salary Payable Current Assets: S 1,100 2,400 650 Accounts Receivable Supplies Prepaid Rent Total Current Assets 400 Unearned Service Revenue 3,600 Note Payable 26,900 10,000 4,150 Total Current Liabilities Long-Term Debt Fixed Assets Land Equipment Less Accumulated 55,000 Mortgage...
Create a balance sheet I TUDIUM 1. The adjusted trial balance of Debit Company is shown...
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
Check my work The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31 5 Book Credits Print erences EQUILIBRIUM RIDING, INC. Unadjusted Trial Balance At December 31 Account Name Debits Cash $ 59,750 Accounts Receivable 3,300 Prepaid Insurance 4,700 Equipment 64,600 Land Accounts Payable 23,000 Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends e Service Revenue Salaries and wages Expense 3,900 Repairs and Maintenance...
The following accounts are taken from Kijijo Riding Corp., a company that specializes in occupational therapy and horseback riding lessons, as of December 31 KÍJİJO RIDING CORP. Unadjusted Trial Balance At December 31 Debits $65,600 7,050 8,450 73,350 25,950 Credits Account Name Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Repairs and Maintenance Expense Office Expenses Totals 33,700 1,400 61,000 5,000 54,045 30,500...
The unadjusted trial balance and income statement amounts from
the December 31 adjusted trial balance of
Emerson Production Company follow.
.Use the data in the partial worksheet to prepare Emerson
Production Company's
classified balance sheet at December 31 of the current year. Use
the report format. First you must calculate the adjusted balance
for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
Company
(If a box is not used in the balance sheet leave the...
Presented below is the adjusted trial balance of Tamarisk, Inc.
at December 31, 2017.
Prepare a classified balance sheet as of December 31, 2017.
We were unable to transcribe this imageTamarisk, Inc. Balance Sheet December 31, 2017 Assets Current Assets Cash $ Accounts Receivable Supplies Prepaid Insurance Total Current Assets $ Equipment Less Accumulated Depreciation-Equipment Trademarks Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and Wages Payable Unearned Service Revenue Total Current Liabilities Long-term Liabilities Bonds Payable...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 4,480 42,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $24,000 2,700 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 49,400 17,250 2,200 4,950 Required: Prepare a...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Use
the above adjusted trial balance to prepare Wilson Trucking
Company's classified balance sheet as of December 31
Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. Answer is not complete. WILSON TRUCKING COMPANY Balance Sheet December 31 Assets 9.600 Current assets Cash Accounts receivable Office supplies 20,500 7,040 37.140 $ 171,000 35,226 135,774 Total current assets Plant assets Trucks Accumulated depreciation-Trucks Land Total plant assets Total assets Liabilities 135,774 172,914...
The following accounts are taken from Kijijo Riding Corp., a company that specializes in occupational therapy and horseback lessons, as of December 31. Credits KIJIJO RIDING CORP. Unadjusted Trial Balance At December 31 Account Name Debits Cash $ 69,300 Accounts Receivable 6,550 Prepaid Insurance 7.250 Equipment 68,700 Land 29,250 Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries and wages Expense 6,450 Repairs and Maintenance Expense office Expenses 635 Totale 5188,595 $ 33,600 1,850...
ter 9 The classified balance sheet for Tipke, Inc., as of December 31 sented next ber 31, 2010,i P9-44A. Calculation of debt ratio (Learning Objective 7) 10-15 min. Tipke, Inc. Balance Sheet December 31, 2010 Current Liabilities 17,500 Accounts Payable 5,400 Salary Payable Current Assets: S 1,100 2,400 650 Accounts Receivable Supplies Prepaid Rent Total Current Assets 400 Unearned Service Revenue 3,600 Note Payable 26,900 10,000 4,150 Total Current Liabilities Long-Term Debt Fixed Assets Land Equipment Less Accumulated 55,000 Mortgage...
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
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