Homework Answers
Answer :
WILDHORSE CORPORATION
BALANCE SHEET
For the year ended December 31, 2020
| Amount (in $) | ||
| ASSETS | ||
| Current Assets : | ||
| Cash | $6,850 | |
| Supplies | $1,430 | |
| Prepaid Insurance | $1,230 | |
| Total Current Assets | $9,510 | |
| Property, Plant and Equipment : | ||
| Equipment | $48,230 | |
| Less : Accumulated Depreciation | ($4,230) | $44,000 |
| Intangible Assets : | ||
| Trademarks | $1,180 | |
| Total Assets | $54,690 | |
| Liabilities and Stockholders' Equity | ||
| Liabilities | ||
| Current Liabilities : | ||
| Accounts Payable | $10,230 | |
| Salaries and Wages Payable | $730 | |
| Unearned Service revenue | $2,230 | |
| Total Current Liabilities | $13,190 | |
| Long term Liabilities : | ||
| Bonds Payable | $9,230 | |
| Shareholders' Equity : | ||
| Common stock | $10,230 | |
| Retained Earnings | $22,040 | |
| Total Shareholders' Equity | $32,270 | |
| Total Liabilities and Stockholders' Equity | $54,690 |
Notes :
1. Retained earnings ending
= Retained earnings beginning - Net loss
= $25,230 - $3,190
= $22,040
2. Cash Balance :
Cash = Total liabilities and stockholders' equity - Intangible assets - PPE - Prepaid insurance - Supplies
= $54,690 - $1,180 - $44,000 - $1,230 - $1,430
= $6,850
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Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ ? 1,460 1,260 48,260 $ 4,260 1,210 10,260 760 2,260 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 9,260 10,260 25,260 10,260 9,260 1,660 1,460 1,160 Total $ ? $ ? Additional information: 1....
Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ ? 1,460 1,260 48,260 $ 4,260 1,210 10,260 760 2,260 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 9,260 10,260 25,260 10,260 9,260 1,660 1,460 1,160 Total $ ? $ ? Additional information: 1....
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Presented below is the trial balance of Wildhorse Corporation at
December 31, 2017.
Cash Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Credit Debit $ 200,300 $ 8,101,350 154.350 4.800.000 302.300 280,300 91,350 456,350 2,001,350 64,620 261.350 1,043,300 139,300 97,350 436,350 Cash Sales Debt Investments (trading) (at cost, $145.000) Cost of Goods Sold Debt Investments (one term Equity Investments lore-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Acoumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain...
*Exercise 5-12 Presented below is the trial balance of Vaughn Corporation at December 31, 2020. Credit Debit $ 201,970 $ 8,104,060 $ 157,060 4,800,000 303,970 281,970 94,060 459,060 2,004,060 66,860 264,060 1,044,970 140,970 100,060 439,060 Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense...
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