Prepare a balance sheet for the following information: (if something doesnt belong in the balance sheet,...
Prepare a balance sheet for the following information: (if something doesnt belong in the balance sheet, just leave it)
Cash 990,000
Common Stock 10,000
Service Revenue 355,000
Accounts Receivable 65,000
Additional Paid in Capital 390,000
Notes Payable 350,000
Interest Expense 29,167
Interest Payable 29,167
Prepaid Rent 24,000
Equipment 76,000
Depreciation 10,000
Accumulated Depreciation 10,000
Supplies 5,000
Unearned Service Revenue 30,000
Misc Expense 50,000
prepaid insurance 12,000
insurance expense 12,000
accounts payable 6,000
unrealized gain in investment 6,000
unrealized gain in bond 7,000
Investment in Pear Inc 16,000
Bond Pear Inc 12,000
Supplies Expense 18,000
Gain on sale of business 40,000
salaries expense 45,000
salaries payable 10,000
dividend 10,000
dividend income 2,000
interest from bond 1,000
Homework Answers
A classified balance sheet will be prepared in the following manner:
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash | 9,90,000 | |
| Accounts Receivables | 65,000 | |
| Prepaid Insurance | 12,000 | |
| Prepaid Rent | 24,000 | |
| Supplies | 5,000 | |
| TOTAL CURRENT ASSETS | 1096000 | |
| LONG TERM INVESTMENT | ||
| Investment in Pera Inc. | 24,000 | |
| Bond Pear Inc. | 20,000 | |
| PROPERTY, PLANT & EQUIPMENT | ||
| Equipment | 76,000 | |
| Less: Accumulated Depreciation | -10,000 | 66,000 |
| TOTAL ASSETS | 12,06,000 | |
| LIABILITIES | ||
| CURRENT LIABILITIES | ||
| Interest Payable | 29,167 | |
| Accounts Payable | 6,000 | |
| Unearned Service Revenue | 30,000 | |
| Salaries Payable | 10,000 | |
| TOTAL CURRENT LIABILITIES | 75167 | |
| LONG TERM LIABILITIES | ||
| Notes Payable | 3,50,000 | |
| TOTAL LIABILITIES | 425167 | |
| STOCKHOLDERS' EQUITY | ||
| CAPITAL STOCK | ||
| Common Stock | 10,000 | |
| Additional Paid in Capital | 3,90,000 | |
| Total Paid in Capital | 4,00,000 | |
| Retained Earnings | 3,80,833 | |
| Total Paid in Capital and Retained Earnings | 7,80,833 | |
| TOTAL STOCKHOLDERS' EQUITY | 7,80,833 | |
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 12,06,000 |
Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Workings
Retained earnings is calculated as a balancing figure.
| Investment in Pera Inc. | =16000+6000+2000 |
| Bond Pear Inc. | =12000+7000+1000 |
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