Hi There
Please answer the belwo question on pririty basis in 1 hour.Thanks in advance.
The following items were taken from the records of a company asof December 31st.
Accounts Payable
47,000
Long-term Notes Receivable
35,000
Accounts Receivable
22,000
Patent,net
6,000
Building
215,000
Accrued Expenses
9,000
Cash
15,000
Short-term Notes Payable
135,000
Equipment
76,000
Common Stock
1,000
Retained Earnings
??
Bonds Payable
75,000
Prepaid Expenses
12,000
Accumulated depreciation
92,000
Sales
123,000
Dividends paid
30,000
Depreciation Expense
18,000
Unearned Revenue
8,000
Cost of Goods Sold
75,000
Goodwill
28,000
Long term Investments
100,000
Treasury Stock
25,000
Inventory
79,000
Short Term Investments
50,000
Interest Payable
1,000
Long Term Debt
150,000
Prepare a balance sheet in proper format for the company as ofDecember 31st
to compute the amount of "retained earnings" as it appears as"??" in the facts. Hint: it will be the amount you will have to"plug in" to make the statement balance correctly...assuming theother parts you prepared are correct re: assets and liabilitieswere computed correctly!
Hi There
Please answer the belwo question on pririty basis in 1 hour.Thanks in advance.
The following items were taken from the records of a company asof December 31st.
Accounts Payable | 47,000 | Long-term Notes Receivable | 35,000 | |
Accounts Receivable | 22,000 | Patent,net | 6,000 | |
Building | 215,000 | Accrued Expenses | 9,000 | |
Cash | 15,000 | Short-term Notes Payable | 135,000 | |
Equipment | 76,000 | Common Stock | 1,000 | |
Retained Earnings | ?? | Bonds Payable | 75,000 | |
Prepaid Expenses | 12,000 | Accumulated depreciation | 92,000 | |
Sales | 123,000 | Dividends paid | 30,000 | |
Depreciation Expense | 18,000 | Unearned Revenue | 8,000 | |
Cost of Goods Sold | 75,000 | Goodwill | 28,000 | |
Long term Investments | 100,000 | Treasury Stock | 25,000 | |
Inventory | 79,000 | Short Term Investments | 50,000 | |
Interest Payable | 1,000 | Long Term Debt | 150,000 |
Prepare a balance sheet in proper format for the company as ofDecember 31st
to compute the amount of "retained earnings" as it appears as"??" in the facts. Hint: it will be the amount you will have to"plug in" to make the statement balance correctly...assuming theother parts you prepared are correct re: assets and liabilitieswere computed correctly!
Related questions
John's Cleaning Services, Inc. has the following adjustedaccount balances as of March 31, 2015. Prepare a classified balancesheet as of that date.
| Account | Debit | Credit |
| Cash | $600 | |
| Common Stock | 31,650 | |
| Inventory | 2,000 | |
| Prepaid Rent | 4,400 | |
| Building | 50,000 | |
| Salaries Expense | 1,000 | |
| Long-Term Investments | 50,500 | |
| Accounts Payable | 6,000 | |
| Rent Expense | 1,000 | |
| Income Tax Payable | 15,630 | |
| Long-Term Notes Payable | 8,000 | |
| Accumulated Depreciation- Building | 7,500 | |
| Retained Earnings | 2,520 | |
| Service Revenue | 41,000 | |
| Short-Term Investments | 1,800 | |
| Insurance Expense | 2,000 | |
| Current Portion of Long-Term Note Payable | 2,500 | |
| Depreciation Expense- Building | 1,500 | |
| Totals | $114,800 | $114,800 |
Account | Debit | Credit |
Cash | $600 | |
Short-Term Investments | 1,800 | |
Inventory | 2,000 | |
Prepaid Rent | 2,900 | |
Prepaid Insurance | 1,500 | |
Building | 50,000 | |
Accumulated DepreciationâBuilding | $7,500 | |
Long-Term Investments | 23,000 | |
Goodwill | 20,000 | |
Patent | 7,500 | |
Accounts Payable | 6,000 | |
Current Portion of Long-term Note Payable | 2,500 | |
Income Tax Payable | 15,630 | |
Long-term Notes Payable | 8,000 | |
Common Stock | 1,650 | |
Additional Paid-in Capital | 30,000 | |
Retained Earnings | 2,520 | |
Service Revenue | 41,000 | |
Rent Expense | 1,000 | |
Insurance Expense | 2,000 | |
Salaries Expense | 1,000 | |
Depreciation ExpenseâBuilding | 1,500 | _______ |
Totals | $114,800 | $114,800 |
Terracotta, Inc. reported the following accounts and amounts (inmillions) in its financial statements for the year ended November30, 2013. |
| Accounts Payable | $ | 730 | |
| Accounts Receivable | 630 | ||
| Accumulated Amortization | 460 | ||
| Accumulated Depreciation | 800 | ||
| Allowance for Doubtful Accounts | 20 | ||
| Cash and Cash Equivalents | 840 | ||
| Equipment | 5,055 | ||
| Income Taxes Payable | 20 | ||
| Notes Payable (long-term) | 1,600 | ||
| Notes Payable (short-term) | 20 | ||
| Notes Receivable (long-term) | 220 | ||
| Prepaid Rent | 280 | ||
| Retained Earnings | 7,030 | ||
| Service Revenue | 460 | ||
| Short-term Investments | 2,440 | ||
| Software | 615 | ||
| Unearned Revenue | 790 | ||
Prepare the current assets section of its balance sheet. TheAllowance for Doubtful Accounts relates entirely to AccountsReceivable.
| Terracotta | ||
| Partial Balance Sheet | ||
| As of November 30, 2013 | ||
| (in millions of dollars) | ||
| Assets | ||
| Current Assets: | ||
| Cash and Cash Equivalents | ||
| Short-term Investments | ||
| Accounts Receivable | ||
| Allowance for Doubtful Accounts | ||
| Accounts Receivable, net of Allowance | ||
| Prepaid Rent | ||
| Total Current Assets |
M8-13 Reporting Accounts andNotes Receivable in a Classified Balance Sheet
Adobe Systems Incorporated reported the following accounts andamounts (in millions) in its financial statements for the yearended November 30, 2013. Prepare the current assets section of itsbalance sheet. The Allowance for Doubtful Accounts relates entirelyto Accounts Receivable.
Accounts Payable $720
Accounts Receivable610
Accumulated Amortization 450
Accumulated Depreciation790
Allowance for Doubtful Accounts10
Cash and Cash Equivalents830
Equipment 4,955
Income Taxes Payable 10
Notes Payable (long-term) $1,500
Notes Payable (short-term) 15
Notes Receivable (long-term) 210
Prepaid Rent 270
Retained Earnings 6,930
Service Revenue 450
Short-term Investments 2,340
Software 605
Unearned Revenue 780
| M8-13 | ||||||||
| Reporting Accounts and Notes Receivable in aClassified Balance Sheet | ||||||||
| Adobe Systems, Inc. | ||||||||
| Partial Balance Sheet | ||||||||
| As of November 30, 20XX | ||||||||
| (in millions) | ||||||||
| Assets: | Amount | |||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | ||||||||
| Short-term investments | ||||||||
| Accounts Receivable | ||||||||
| Allowance for Doubful Accounts | ||||||||
| Accounts Receivable, Net of Allowance | ||||||||
| Prepaid Rent | ||||||||
| Total Current Assets | ||||||||
