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Can someone explain/help me with the following: journal entries, trial balance, income statement, retained earnings statement and the balance sheet? I'll attempt to complete them
Can someone explain/help me with the following: journal entries, trial balance, income statement, retained earnings statement and the balance sheet? I'll attempt to complete them on paper.
Equipment Blue Spruce Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit Cash $26,000 Accounts Receivable 36,500 Notes Receivable 8.900 Interest Receivable -0- Inventory 36.200 Prepaid Insurance 3.780 Land 21,800 Buildings bonding 132,000 55.000 Patents 10,300 Allowance for Doubtful Accounts $400 Accumulated Depreciation-Buildings 44,000 Accumulated Depreciation-Equipment 22.000 Accounts Payable 27.100 Salaries and Wages Payable -0- Unearned Rent Revenue 3,300 Notes Payable (due in 2020) 13,000 Interest Payable Notes Payable (due after 2020) 36.000 Common 46.500 57 580 Dividends 15.000 Sales Revenue 903.000 Interest Revenue Rent Revenue -- Gain on Disposal of Plant Assets Bad Debts Expense -0- Cost of Goods Sold 640.000 Depreciation Expense -O- Insurance France g re to search Common Stock Retained Earnings 40) 11:38 AM 5/23/2020 pilse -0- -0- 640,000 -0- Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total -0- -0- 61,400 -0- 106.000 $1,152,880 $1,152,880 Unrecorded transactions: 1 On May 1, 2019, Blue Spruce purchased equipment for $17,800 plus sales taxes of $1,400 (all paid in cash). 2. On July 1, 2019, Blue Spruce sold for $3,600 equipment which originally cost $5,100 Accumulated depreciation on this equipment at January 1, 2019, was $2,000:2019 depreciation prior to the sale of the equipment was $450. 3. On December 31, 2019, Blue Spruce sold on account $5,400 of inventory that cost $3,200. 4. Blue Spruce estimates that uncollectible accounts receivable at year end is $4,000 5. The note receivable is a one-year, 8% note dated April 1, 2019. No interest has been recorded 6. The balance in prepaid insurance represents payment of a $3,780 6-month premium on September 1, 2019 7. The buildings are being depreciated using the straight-line method over 30 years. The salvage value is $30,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2019, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,100. 10. The patent was acquired on January 1, 2019 and has a useful life of 10 years from that date 11 Unpaid salaries and wages at December 31, 2019, total $2.200 12. The unearned rent revenue of $3,300 was received on December 1, 2019. for 3 months' rent. 13. Both the short-term and long-term notes payable are dated January 1, 2019, and carry a 9% interest rate. All interest is payable in the next 12 months Prepare journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) 11:38 AM g SH 5/23/2020 $ to search Prepare journal entries for the transactions listed above. (Cratitarunt titles are automatically indented when amount kentered. Do not indent marry. If no entry is respired, select "No Entry for the sunt titless and enter for the amounts) to. Account Titles and Explanation Debit Credit 1 2 (To record depreciation expense.) (To record sale of equipment.) 3 (To record sales revenue.) (To record cost of goods sold.) 4. 11:38 AM 5/23/2020 Type here to search 6. 7. 8. 9. 10. 11. 12. 13. Prepare an updated December 31, 2019 trial balance ga 11:38 A 5/23/20 BI e here to search Prepare an updated December 31, 2019, trial balance Blue Spruce Corp. Trial Balance Debit Credit v v 11:39 g a 40 5/23 D gi O Type here to search $ $ Total ge Bi ype here to search Blue Spruce Corp. Income Statement $ V co search hp Prepare a 2019 a retained earnings statement. (List items that increase retained earnings first) Blue Spruce Corp. Retained Earnings Statement search Prepare a 2019 a retained earnings statement (List items that intense retained earnings first) Blue Spruce Corp. Retained Earnings Statement $ v $ Prepare a December 31, 2019, classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in the order of Land, Building Blue Spruce Corp. Balance Sheet Assets $ gi earch Balance Sheet Assets $ $ $. 11:40 AM 5/23/2020 Si hp Liabilities and Stockholders' Equity v 11:40 AM (640) 5/23/2020 here to search gi Equipment Blue Spruce Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit Cash $26,000 Accounts Receivable 36,500 Notes Receivable 8.900 Interest Receivable -0- Inventory 36.200 Prepaid Insurance 3.780 Land 21,800 Buildings bonding 132,000 55.000 Patents 10,300 Allowance for Doubtful Accounts $400 Accumulated Depreciation-Buildings 44,000 Accumulated Depreciation-Equipment 22.000 Accounts Payable 27.100 Salaries and Wages Payable -0- Unearned Rent Revenue 3,300 Notes Payable (due in 2020) 13,000 Interest Payable Notes Payable (due after 2020) 36.000 Common 46.500 57 580 Dividends 15.000 Sales Revenue 903.000 Interest Revenue Rent Revenue -- Gain on Disposal of Plant Assets Bad Debts Expense -0- Cost of Goods Sold 640.000 Depreciation Expense -O- Insurance France g re to search Common Stock Retained Earnings 40) 11:38 AM 5/23/2020 pilse -0- -0- 640,000 -0- Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total -0- -0- 61,400 -0- 106.000 $1,152,880 $1,152,880 Unrecorded transactions: 1 On May 1, 2019, Blue Spruce purchased equipment for $17,800 plus sales taxes of $1,400 (all paid in cash). 2. On July 1, 2019, Blue Spruce sold for $3,600 equipment which originally cost $5,100 Accumulated depreciation on this equipment at January 1, 2019, was $2,000:2019 depreciation prior to the sale of the equipment was $450. 3. On December 31, 2019, Blue Spruce sold on account $5,400 of inventory that cost $3,200. 4. Blue Spruce estimates that uncollectible accounts receivable at year end is $4,000 5. The note receivable is a one-year, 8% note dated April 1, 2019. No interest has been recorded 6. The balance in prepaid insurance represents payment of a $3,780 6-month premium on September 1, 2019 7. The buildings are being depreciated using the straight-line method over 30 years. The salvage value is $30,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2019, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,100. 10. The patent was acquired on January 1, 2019 and has a useful life of 10 years from that date 11 Unpaid salaries and wages at December 31, 2019, total $2.200 12. The unearned rent revenue of $3,300 was received on December 1, 2019. for 3 months' rent. 13. Both the short-term and long-term notes payable are dated January 1, 2019, and carry a 9% interest rate. All interest is payable in the next 12 months Prepare journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) 11:38 AM g SH 5/23/2020 $ to search Prepare journal entries for the transactions listed above. (Cratitarunt titles are automatically indented when amount kentered. Do not indent marry. If no entry is respired, select "No Entry for the sunt titless and enter for the amounts) to. Account Titles and Explanation Debit Credit 1 2 (To record depreciation expense.) (To record sale of equipment.) 3 (To record sales revenue.) (To record cost of goods sold.) 4. 11:38 AM 5/23/2020 Type here to search 6. 7. 8. 9. 10. 11. 12. 13. Prepare an updated December 31, 2019 trial balance ga 11:38 A 5/23/20 BI e here to search Prepare an updated December 31, 2019, trial balance Blue Spruce Corp. Trial Balance Debit Credit v v 11:39 g a 40 5/23 D gi O Type here to search $ $ Total ge Bi ype here to search Blue Spruce Corp. Income Statement $ V co search hp Prepare a 2019 a retained earnings statement. (List items that increase retained earnings first) Blue Spruce Corp. Retained Earnings Statement search Prepare a 2019 a retained earnings statement (List items that intense retained earnings first) Blue Spruce Corp. Retained Earnings Statement $ v $ Prepare a December 31, 2019, classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in the order of Land, Building Blue Spruce Corp. Balance Sheet Assets $ gi earch Balance Sheet Assets $ $ $. 11:40 AM 5/23/2020 Si hp Liabilities and Stockholders' Equity v 11:40 AM (640) 5/23/2020 here to search giStep by Step Solution
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