Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ABC AUTO INC TRIAL BALANCE EXERCISE: ILLUSTRATE HOW TO CONVERT A TRIAL BALANCE INTO A BALANCE SHEET. 12/31/2020 CASH IN BANK $ 15,123.00 DUE TO
ABC AUTO INC TRIAL BALANCE EXERCISE: ILLUSTRATE HOW TO CONVERT A TRIAL BALANCE INTO A BALANCE SHEET. 12/31/2020 CASH IN BANK $ 15,123.00 DUE TO ABC AUTO LLC $ (792,162.00) LOAN TO STAKEHOLDERS $ 2,500.00 COMPUTER EQUIPMENT $ 1,658.00 SOFTWARE EXPENSE $ 297.00 START-UP COSTS $ 72,637.00 INTEREST EXPENSE $ 5,634.00 ACCRUED INTEREST $ - LOC - FREED BANK $ (1,979.00) SBA GRANT FUNDS $ (3,000.00) ADDITIONAL PAID-IN-CAPITAL $ (28,500.00) ACCRUED EXPENSES $ (11,437.00) AUTO SERVICE INCOME $ (346,748.00) LEGAL FEES $ 3,471.00 CONSULTING FEES $ 4,000.00 ACCOUNTING FEES $ 10,695.00 WEBSITE FEES $ 2,852.00 ADVERTISING $ 5,685.00 COMPUTERS $ 6,395.00 OFFICE SUPPLIES $ 7,487.00 POSTAGE $ 186.00 OFFICE EQUIPMENT $ 3,636.00 OFFICE FURNITURE $ 10,704.00 SOFTWARE ASSET $ 1,513.00 ENTERTAINMENT $ 13,545.00 TRAVEL $ 164.00 GROSS WAGES $ 618,560.00 PAYROLL TAXES $ 125,074.00 FEDERAL WITHHOLDING $ 133,647.00 UNEMPLOYMENT TAX $ 1,002.00 LEASE EXPENSE $ 78,974.00 LEASE DEPOSIT $ 4,000.00 UTILITIES $ 8,522.00 CLEANING $ 750.00 LICENSING FEES $ 3,174.00 GOVERNMENT FEES $ 600.00 BANK FEES $ 15.00 HEALTH INSURANCE $ 37,340.00 GENERAL LIABILITY INSURANCE $ 2,871.00 MISC FEES $ 161.00 GIFTS $ 940.00 THANK YOU CARDS $ 14.00
| ABC AUTO INC | ||||
| TRIAL BALANCE | EXERCISE: | ILLUSTRATE HOW TO CONVERT A TRIAL BALANCE INTO A BALANCE SHEET. | ||
| 12/31/2020 | ||||
| CASH IN BANK | $ 15,123.00 | |||
| DUE TO ABC AUTO LLC | $ (792,162.00) | |||
| LOAN TO STAKEHOLDERS | $ 2,500.00 | |||
| COMPUTER EQUIPMENT | $ 1,658.00 | |||
| SOFTWARE EXPENSE | $ 297.00 | |||
| START-UP COSTS | $ 72,637.00 | |||
| INTEREST EXPENSE | $ 5,634.00 | |||
| ACCRUED INTEREST | $ - | |||
| LOC - FREED BANK | $ (1,979.00) | |||
| SBA GRANT FUNDS | $ (3,000.00) | |||
| ADDITIONAL PAID-IN-CAPITAL | $ (28,500.00) | |||
| ACCRUED EXPENSES | $ (11,437.00) | |||
| AUTO SERVICE INCOME | $ (346,748.00) | |||
| LEGAL FEES | $ 3,471.00 | |||
| CONSULTING FEES | $ 4,000.00 | |||
| ACCOUNTING FEES | $ 10,695.00 | |||
| WEBSITE FEES | $ 2,852.00 | |||
| ADVERTISING | $ 5,685.00 | |||
| COMPUTERS | $ 6,395.00 | |||
| OFFICE SUPPLIES | $ 7,487.00 | |||
| POSTAGE | $ 186.00 | |||
| OFFICE EQUIPMENT | $ 3,636.00 | |||
| OFFICE FURNITURE | $ 10,704.00 | |||
| SOFTWARE ASSET | $ 1,513.00 | |||
| ENTERTAINMENT | $ 13,545.00 | |||
| TRAVEL | $ 164.00 | |||
| GROSS WAGES | $ 618,560.00 | |||
| PAYROLL TAXES | $ 125,074.00 | |||
| FEDERAL WITHHOLDING | $ 133,647.00 | |||
| UNEMPLOYMENT TAX | $ 1,002.00 | |||
| LEASE EXPENSE | $ 78,974.00 | |||
| LEASE DEPOSIT | $ 4,000.00 | |||
| UTILITIES | $ 8,522.00 | |||
| CLEANING | $ 750.00 | |||
| LICENSING FEES | $ 3,174.00 | |||
| GOVERNMENT FEES | $ 600.00 | |||
| BANK FEES | $ 15.00 | |||
| HEALTH INSURANCE | $ 37,340.00 | |||
| GENERAL LIABILITY INSURANCE | $ 2,871.00 | |||
| MISC FEES | $ 161.00 | |||
| GIFTS | $ 940.00 | |||
| THANK YOU CARDS | $ 14.00 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cost Accounting
Authors: William K. Carter
14th edition
759338094, 978-0759338098
