Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

could you help me I need urgent The Balance Sheet accounts for the Friendly Bakery are listed below in alphabetical order on December 31, 2019,

could you help me I need urgent

The Balance Sheet accounts for the Friendly Bakery are listed below in alphabetical order on December 31, 2019, after all necessary adjustments. But just before presentation, the careless accounting and finance manager finds some documents left from the last days of December which were not recorded.

Date of Documents:

December 30: The owner invested an additional $25.000 in the business in cash, the accounts payable of $15.000 was paid.

December 31: Equipment was purchased at a cost of $7.200 to be paid within 10 days. Supplies were purchased for $1.250 in cash from a restaurant supply center, which was going out of business. These supplies would have cost $1.890 if purchased through normal channels.

Finally, the manager realizes that the Capital Stock Account is missing. He cannot find any figures for that account. You help him to present Balance Sheet after recording the missing transactions and figuring the missing account.

ACCOUNTS

$

Accounts Payable

16.200

Accounts Receivable

11.260

Accumulated Depreciation, All

18.500

Building

80.000

Cash

6.940

Equipment

30.000

Land

67.000

Notes Payable

74.900

Salaries Payable

8.900

Supplies

7.000

Net Loss of the period

16.300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

12th edition

133451860, 978-0133451863

More Books

Students also viewed these Accounting questions

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

Why should a business be socially responsible?

Answered: 1 week ago

Question

Discuss the general principles of management given by Henri Fayol

Answered: 1 week ago