Question

Chapter 5-Balance Sheet Using the following information, prepare a Classified Balance Sheet Accounts Payable Accounts Receivable $19,4 82460Office Equipment 7.900 Office Supplies 23,00 18,75 Accumulated Depreciation Office Equipment Accumulated Depreciation Store Administrative Expenses Allowance for Doubtful Accounts 32,000 Revenue 68,19 28,980 36,000Sales ed Earnings Payable Ex Cost of Merchandise Sold Common Stock 9,09 42,780 nterest Expense 800 Equipment 25,100 nearned Rent Merchandise Inventory Notes Payable (due in two years) 20 Total Current Assets Net Property, Plant, & Equipment I Assets $266,560 Page 4 of 10o

Answer 1

BALANCE SHEET
ASSETS	AMOUNT	LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT
CURRENT ASSETS:		LIABILITIES:
Cash	$               68,195	Account Payable	$                     19,466
Account Receivable                                $ 82,460		Unearned Rent	$                       1,800
Less: Allowance for Doubtfull               ($ 2,570)	$               79,890	Salaries Payable	$                       9,094
Inventory	$               62,550
Office Suppleis	$                 1,275	Long Term Debt
Prepaid insurance	$                 2,400	Notes Payable	$                     20,000
FIXED ASSETS:
Office Equipment                                           $ 18,750		SHAREHOLDER'S EQUITY
Less: Accumulated Depreciation               ($ 7,900)	$               10,850	Common Shareholder's Equity	$                     36,000
Store Equipment                                            $ 25,100		Accumulated Retained Earnings	$                 1,80,200
Less: Accumulated Depreciation               ($6,700)	$               18,400
Land	$               23,000
TOTAL OF ASSETS	$           2,66,560	TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY	$                 2,66,560