Question
Accounts payable $9,900 Accounts receivable 26,950 Cash 11,390 Fees earned 70,800 Insurance expense 1,474 Building 225,000 Accumulated depreciation 75,000 Land 174,400 Miscellaneous expense 1,510 Prepaid
Accounts payable
$9,900
Accounts receivable
26,950
Cash
11,390
Fees earned
70,800
Insurance expense
1,474
Building
225,000
Accumulated depreciation
75,000
Land
174,400
Miscellaneous expense
1,510
Prepaid insurance
2,000
Notes Payable (due next year)
60,000
Notes Payable (due this year)
20,000
Long-term mortgage payable
170,000
Rent expense
8,000
Salary expense
35,300
Dividends
15,100
Supplies
950
Supplies expense
825
Utilities expense
3,800
Capital stock
81,000
Retained earnings (beginning balance on May 1, 20Y2)
20,000
Retained earnings (ending balance on May 31, 20Y2)
?????
Deana's Services Company
Classified Balance Sheet
May 31, 20Y2
Assets
Current Assets
Cash
$11,390
Accounts receivable
26,950
Prepaid insurance
2,000
Supplies
950
Total Current Assets
$ 41,290
Long-Term Assets (Fixed Assets)
Building
$225,000
Land
174,400
Total property, plant, equipment
$399,400
Total assets
$440,690
Liabilities
Current Liabilities
Account payable
$9,900
Notes payable
20,000
Total current liabilities
$29,900
Long-Term Liabilities
Mortgage payable
$ 170,000
Notes payable
60,000
Total liabilities
259,000
Stockholder's Equity
Capital stock
$ 81,000
Retained earnings
-50,210
Total stockholder's equity
30,790
Total liabilities and stockholder's equity
$ 290,690
liabilities and stocks equity doesn't equal assets?
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
Managerial Accounting
Authors: Carl S Warren, James M Reeve, Jonathan Duchac
12th Edition
1133952402, 978-1133952404
