Question

S4-12 (similar to) The accounting records for Bob's Auto Parts, Inc., reflected the following amounts at the end of May 2018. B! (Click the icon to view the accounts.) Prepare the classified balance sheet for Bob's Auto Parts, Inc., at May 31, 2018. Use the report format. Begin by preparing the heading and completing the assets section of the balance sheet. Next, complete the liabilities and stockholders' equity sections of the statement. Bob's Auto Parts, Inc. Balance Sheet May 31, 2018 Data Table Assets Current Assets Cash 2500 2900 Accounts receivable Cash ............... ...........$ Total operating expenses ...... Accounts payable Total stockholders' equity ...... Estimated refund liability ...... Long-term notes payable Inventory 2,500 4,400 4,600 12,800 700 18,000 3,700 900 17,500 28,100 2,100 28,000 2,900 3700 cost of goods sold...........$ Equipment, net..................... Accrued liabilities...... Sales revenue ............. Accounts receivable .......... Prepaid rent........... Estimated inventory returns ... Prepaid rent 1300 Total current assets 10400 1,300 28100 Inventory ........ Equipment, net Total assets 600 150 38500 Salaries payable............. Interest expense ............ Print Print Done Done Choose from any list or enter any number in the input fields and then click Check Answer. part remaining Clear All

Answer 1

Answer
Bob Auto parts Inc.
Balance Sheet
	Amount $
Assets
Current Assets
Cash	$                2,500
Inventory	$                3,700
Accounts Receivable	$                2,900
Prepaid rent	$                1,300
Total Current Assets	$              10,400
Property plant and equipment
Equipment, net	$              28,100
Accumulated Depreciation- Equipment
Total Non Current Assets	$              28,100
Total Assets	$              38,500
Liabilities and Stockholder's Equity
Liabilities
Current Liabilities
Accounts Payable	$                4,600
Estimated Refund liability	$                   700
Less: Estimated Inventory Returns	-$                  600
Salaries Payable	$                   900
Accrued Liabilities	$                2,100
Current Liabilities	$                7,700
Long Term Notes Payable	$              18,000
Non Current Liabilities	$              18,000
Total Liabilities	$              25,700
Stockholder's Equity
Total Stockholder's Equity	$              12,800
Total Liabilities and Equity	$              38,500