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On December 31, the assets of a business are: Cash, $3,500, Accounts Receivable, $14,000, and Supplies,...
Assets Cash CULLUMBER COMPANY Balance Sheet December 31, 2020 Liabilities $21,036 Accounts payable 11,219 Accounts receivable...
Assets Cash CULLUMBER COMPANY Balance Sheet December 31, 2020 Liabilities $21,036 Accounts payable 11,219 Accounts receivable 64,510 Owner's capital 18,231 Total liabilities and owner's equity $114,996 Supplies Equipment Owner's drawings Total assets $29,450 (9,116) 94,662 $114,996 Prepare a correct balance sheet. (List Assets in order of liquidity.) CULLUMBER COMPANY Balance Sheet Assets Liabilities and Owner's Equity
Account Title Cash Accounts Receivable Supplies Equipment Austin Enterprises End-of-Period Spreadsheet For the Year Ended December...
Account Title Cash Accounts Receivable Supplies Equipment Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Dr. cr. Dr. r. 26,500 7,000 1,000 18,500 5,000 11,000 1,000 8,000 2,000 59,500 59,500 19,000 19,000 7,000 7,000 3,500 3,500 84,500 84,500 29,500 59,500 30,000 59,500 59,500 Balance Sheet Dr. Cr. 26,500 7,000 1,000 18,500 5,000 11,000 1,000 8,000 2,000 Accumulated Depr.-Equip. Accounts Payable Wages Payable Daniel Austin, Capital Daniel Austin, Drawing Fees Earned Wages Expense Rent...
4 September 30, 2018 financial position - X = Assets Accounts + Receivable + Supplies 3,500...
4 September 30, 2018 financial position - X = Assets Accounts + Receivable + Supplies 3,500 Liabilities Accounts Payable 7,600 Stockholders' Equity Common Retained Stock + Earnings 6.200 3.850 = + Cash Bal 2,150 - Equipment 12,000 Print Done A Transactions a. The company received cash of $4,100 and issued common stock. b. Performed services for a customer and received cash of $6,100. c. Paid $4,100 on accounts payable. d. Purchased supplies on account, $1,000. e. Collected cash from a...
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...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid...
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 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation 105,000 $40,000 10,000 30,000 $135,000 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity Common stock $40,000 25,000 Retained earnings 65,000 Total stockholders' equity Total liabilities and stockholders' equity $135,000 Budgeted data for the year 2020 include the following....
Assets Cash $7,000 Accounts Receivable 6,000 Supplies ...
Assets Cash $7,000 Accounts Receivable 6,000 Supplies 2,000 Equipment 10,000 Total Assets $25,000 Liabilities & Equity Accounts Payable $3,000 Common Stock 20,000 Retained Earnings 2,000 Total Liabilities & Equity $25,000 Instructions: Open the balances in the general ledger (T-accounts). Post the journal entries from the general journal to the general...
$ 3,500 8,500 2,500 16,90 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable...
$ 3,500 8,500 2,500 16,90 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 4,000 2,eee 3,000 13,eee 8,5ee $30,500 $30,500 The following is a summary of the transactions for the year 1. January 24 Provide plumbing services for cash, $10,000, and on account, $55,000. 2. March 13 Collect on accounts receivable, $43,000. 3. May 6 Issue shares of common stock in exchange for $12,000 cash. 4. June 30 Pay...
Balance Sheets as of December 31 2016 2015 $ 14,000 1 Cash and equivalents Accounts receivable...
Balance Sheets as of December 31 2016 2015 $ 14,000 1 Cash and equivalents Accounts receivable Inventories 12,000 25,000 23,000 $71.705 60,000 48,000 $120,705 $108,000 30,000 27,705 Total current assets Net plant and equipment Total assets 49,000 Liabilities and Equity $ 10.9008,500 7,000 5.050 s 25,20020,550 20,000 s 45.200 40.550 40,000 27.450 $75.5055 67450 $108.000 Accounts payable 7.500 Notes payable 6.800 Total current liabilities Long-term bonds 20,000 Total liabilities Common stock (4,000 shares) Retained earnings 40,000 Common equity Total liabilities...
Atlas Realty Balance Sheet May 31, 2019 Assets Liabilities Cash $ 123,200 Accounts payable 48,000 Supplies...
Atlas Realty Balance Sheet May 31, 2019 Assets Liabilities Cash $ 123,200 Accounts payable 48,000 Supplies 12.800 Owner's Eques Land LuAnn Martin, capital 120,000 256,000 Total assets Total liabilities and owner's equity $ 256,000
Assets Cash CULLUMBER COMPANY Balance Sheet December 31, 2020 Liabilities $21,036 Accounts payable 11,219 Accounts receivable 64,510 Owner's capital 18,231 Total liabilities and owner's equity $114,996 Supplies Equipment Owner's drawings Total assets $29,450 (9,116) 94,662 $114,996 Prepare a correct balance sheet. (List Assets in order of liquidity.) CULLUMBER COMPANY Balance Sheet Assets Liabilities and Owner's Equity
Account Title Cash Accounts Receivable Supplies Equipment Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Dr. cr. Dr. r. 26,500 7,000 1,000 18,500 5,000 11,000 1,000 8,000 2,000 59,500 59,500 19,000 19,000 7,000 7,000 3,500 3,500 84,500 84,500 29,500 59,500 30,000 59,500 59,500 Balance Sheet Dr. Cr. 26,500 7,000 1,000 18,500 5,000 11,000 1,000 8,000 2,000 Accumulated Depr.-Equip. Accounts Payable Wages Payable Daniel Austin, Capital Daniel Austin, Drawing Fees Earned Wages Expense Rent...
4 September 30, 2018 financial position - X = Assets Accounts + Receivable + Supplies 3,500 Liabilities Accounts Payable 7,600 Stockholders' Equity Common Retained Stock + Earnings 6.200 3.850 = + Cash Bal 2,150 - Equipment 12,000 Print Done A Transactions a. The company received cash of $4,100 and issued common stock. b. Performed services for a customer and received cash of $6,100. c. Paid $4,100 on accounts payable. d. Purchased supplies on account, $1,000. e. Collected cash from a...
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...
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 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets $7,500 73,500 24,000 Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation 105,000 $40,000 10,000 30,000 $135,000 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $25,000 45,000 70,000 Total liabilities Stockholders' Equity Common stock $40,000 25,000 Retained earnings 65,000 Total stockholders' equity Total liabilities and stockholders' equity $135,000 Budgeted data for the year 2020 include the following....
$ 3,500 8,500 2,500 16,90 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 4,000 2,eee 3,000 13,eee 8,5ee $30,500 $30,500 The following is a summary of the transactions for the year 1. January 24 Provide plumbing services for cash, $10,000, and on account, $55,000. 2. March 13 Collect on accounts receivable, $43,000. 3. May 6 Issue shares of common stock in exchange for $12,000 cash. 4. June 30 Pay...
Balance Sheets as of December 31 2016 2015 $ 14,000 1 Cash and equivalents Accounts receivable Inventories 12,000 25,000 23,000 $71.705 60,000 48,000 $120,705 $108,000 30,000 27,705 Total current assets Net plant and equipment Total assets 49,000 Liabilities and Equity $ 10.9008,500 7,000 5.050 s 25,20020,550 20,000 s 45.200 40.550 40,000 27.450 $75.5055 67450 $108.000 Accounts payable 7.500 Notes payable 6.800 Total current liabilities Long-term bonds 20,000 Total liabilities Common stock (4,000 shares) Retained earnings 40,000 Common equity Total liabilities...
Atlas Realty Balance Sheet May 31, 2019 Assets Liabilities Cash $ 123,200 Accounts payable 48,000 Supplies 12.800 Owner's Eques Land LuAnn Martin, capital 120,000 256,000 Total assets Total liabilities and owner's equity $ 256,000
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