Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone help me with a classified balance sheet given the trial balance provided? Dragon Custom Outfitters Trial Balance December 31, 2020 2020 2019 Account
Can someone help me with a classified balance sheet given the trial balance provided?
Dragon Custom Outfitters | |||||
Trial Balance | |||||
December 31, 2020 | |||||
2020 | 2019 | ||||
Account | Type | Debit | Credit | Debit | Credit |
Cash - Checking | A | 12,300 | 8,505 | ||
Cash - Savings | A | 33,000 | 16,000 | ||
Accounts Receivable | A | 227,500 | 277,292 | ||
Allowance for Bad Debts | A | 6,000 | 4,900 | ||
Accounts Receivable - Employees | A | 500 | 400 | ||
Inventory | A | 490,000 | 425,000 | ||
Prepaid Insurance | A | 3,200 | 2,450 | ||
Land | A | 40,000 | 40,000 | ||
Buildings | A | 360,000 | 360,000 | ||
Accumulated Depreciation - Buildings | A | 43,750 | 40,000 | ||
Equipment | A | 90,175 | 80,175 | ||
Accumulated Depreciation - Equipment | A | 36,150 | 29,900 | ||
Furniture & Fixtures | A | 35,000 | 35,000 | ||
Accumulated Depreciation - Furniture & Fixtures | A | 35,000 | 28,000 | ||
Vehicles | A | 90,000 | 90,000 | ||
Accumulated Depreciation - Vehicles | A | 68,000 | 40,000 | ||
Deposits | A | 1,000 | 1,000 | ||
Accounts Payable | L | 130,000 | 165,000 | ||
Credit Cards | L | 25,000 | 23,500 | ||
Deferred Revenue | L | 4,905 | 120,292 | ||
Payroll Taxes Withheld | L | 18,900 | 16,500 | ||
Payroll Taxes Accrued | L | 8,000 | 6,900 | ||
Dividends Payable | L | 60,000 | 50,000 | ||
Wages Payable | L | 4,250 | 6,500 | ||
Current Maturity of Long Term Debts | L | 15,000 | 15,000 | ||
Note Payable - Mortgage | L | 90,000 | 100,000 | ||
Note Payable - Vehicle | L | 45,000 | 50,000 | ||
Capital Stock | E | 1,000 | 1,000 | ||
Dividends Paid | E | 60,000 | 50,000 | ||
Retained Earnings | E | 638,330 | 441,765 | ||
Sales | R | 945,690 | 911,100 | ||
Sales Returns & Allowances | R | 1,675 | 1,400 | ||
Sales Discounts | R | 3,000 | 3,150 | ||
Cost of Goods Sold | EXP | 342,965 | 293,500 | ||
Adminstrative Salaries | EXP | 130,000 | 122,500 | ||
Sales Salaries | EXP | 110,000 | 105,000 | ||
Payroll Tax Expense | EXP | 11,500 | 10,000 | ||
Advertising Expense | EXP | 5,000 | 5,000 | ||
Automobile Expense | EXP | 7,500 | 7,150 | ||
Bad Debt Expense | EXP | 4,120 | 3,960 | ||
Bank Charge Expense | EXP | 100 | 100 | ||
Cleaning Expense | EXP | 850 | 825 | ||
Commissions Expense | EXP | 3,275 | 3,250 | ||
Depreciation Expense | EXP | 45,000 | 45,000 | ||
Insurance Expense | EXP | 2,600 | 2,600 | ||
Interest Expense | EXP | 6,320 | 6,500 | ||
Licenses Expense | EXP | 100 | 100 | ||
Office Expense | EXP | 900 | 1,250 | ||
Postage Expense | EXP | 180 | 210 | ||
Repairs & Maintenance | EXP | 4,880 | 6,975 | ||
Supplies Expense | EXP | 1,600 | 1,890 | ||
Travel Expense | EXP | 3,000 | 2,460 | ||
Telephone & Internet Expense | EXP | 10,680 | 9,880 | ||
Utilities Expense | EXP | 13,655 | 12,835 | ||
Other Gains | OR | 1,000 | 0 | ||
Other Losses | OEXP | 500 | 500 | ||
Income Tax Expense | EXP | 23,900 | 18,500 | ||
2,175,975 | 2,175,975 | 2,050,357 | 2,050,357 |
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