MGAB01H3 Lecture Notes - Lecture 2: Retained Earnings
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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 Depreciation—Building | $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 Expense—Building | 1,500 | _______ |
Totals | $114,800 | $114,800 |
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!