Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cusick Department Store is located near the Village Shopping Mall. At the end of the companys calendar year on December 31, 2012, the following accounts

Cusick Department Store is located near the Village Shopping Mall. At the end of the companys calendar year on December 31, 2012, the following accounts appeared in two of its trial balances.
Unadjusted Adjusted Unadjusted Adjusted
Accounts Payable $259,311 $259,311 Inventory $245,250 $245,250
Accounts Receivable 164,481 164,481 Mortgage Payable 261,600 261,600
Accumulated Depr.Buildings 137,667 171,675 Owners Capital 577,482 577,482
Accumulated Depr.Equipment 96,792 140,283 Owners Drawings 91,560 91,560
Buildings 948,300 948,300 Prepaid Insurance 31,392 7,848
Cash 77,826 77,826 Property Tax Expense 15,696
Cost of Goods Sold 1,349,529 1,349,529 Property Taxes Payable 15,696
Depreciation Expense 77,499 Salaries and Wages Expense 353,160 353,160
Equipment 359,700 359,700 Sales Revenue 2,380,560 2,380,560
Insurance Expense 23,544 Sales Commissions Expense 33,354 47,415
Interest Expense 9,810 39,240 Sales Commissions Payable 14,061
Interest Payable 29,430 Sales Returns and Allowances 26,160 26,160
Interest Revenue 13,080 13,080 Utilities Expense 35,970 39,240
Utilities Payable 3,270

(a3)Prepare balance sheet. $81,750of the mortgage payable is due for payment next year.(List current assets in order of liquidity. Property, plant and equipment list in order of land, buildings and equipment.)

CUSICK DEPARTMENT STORE Balance Sheet December 31, 2012
Assets
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity
$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity $
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity
$
LessAdd:
AddLess:
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity $
Liabilities and Owners Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity
$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity $
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' EquityOwner's EquityTotal Liabilities and Owner's Equity $

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

Step: 3

blur-text-image

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

Using Microsoft Excel and Access 2016 for Accounting

Authors: Glenn Owen

5th edition

1337109048, 1337109045, 1337342149, 9781337342148 , 978-1337109048

More Books

Students also viewed these Accounting questions

Question

Context, i.e. the context of the information presented and received

Answered: 1 week ago