Hello, I need help to solve problem (e).
Prepare a classified balance sheet for Ram Construction Company as of December 31, 2013. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) PRINTER VERSIONBACK NEXT> ASSIGNMENT RESOURCES Problem 5-9 The unadjusted trial balance of Ram Construction Company on December 31, 2013, contained the following accounts at the end of the company's calendar year ACC 1 2019) RAM CONSTRUCTION COMPANY Unadjusted Trial Balance December 31, 2013 Debit $190,200 24,550 22,480 45,900 4,410 8,180 2,980 26,600 86,000 Credit Review Score Cash Notes Receivable Accounts Receivable Merchandise Inventory, 12/31/12 Prepaid Insurance Prepaid Rent Store Supplies Land Construction Equipment Review Results by $17,200 26,200 12,790 77,600 86,430 Accounts Payable Uneamed Tool Rental Revenue Mortgage Payable (due 2016) John Ram, Capital John Ram, Withdrawals Sales Revenue Sales Returns and Allowances Sales Discounts 4,650 282,000 2,180 1,860 Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) PRINTER VERSIONBACK NEXT> GNMENT RESRCESConstructionE 86,000 $17,200 26,200 12,790 77,600 86,430 ACC 1 2019) Accounts Payable Unearned Tool Rental Revenue Mortgage Payable (due 2016) John Ram, Capital John Ram, Withdrawals Sales Revenue Sales Returns and Allowances Sales Discounts Review Score Review Results by 4,650 282,000 2,180 1,860 50,540 Purchases Returns and Allowances 760 1,210 Freight-In Rent Expense Sales Salaries Expense Utilities Expense Advertising Expense Interest Expense Interest Income Tool Rental Revenue 2,740 20,390 19,250 2,680 2,010 2,380 13,200 2,590 $519,980 $519,980 The company uses the periodic inventory system. In addition, the following year-end information was available to the accountant: Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) HelpI System Announcements PRINTER VERSIONBACK NEXT ASSIGNMENT RESOURCES Ram Construction Company Work Sheet For the year ended December 31, 2013 ACC 1 2019) Unadjusted Trial Debit 190,200 Adjustments Adjusted Trial Balance Income Statement Balance Sheet Balance ACCOUNT NAME Debit Credit Cash Review Score Review Results by 190200 190200 Notes Receivable 24,550 24550 24550 Accounts Receivable 22,480 5670 28150 28150 Merchandise Inventory Prepaid Insurance Prepaid Rent Store Supplies Land 45,900 45900 45900 40750 40750 4,410 1860 2550 2550 8,180 2,980 26,600 86,000 5710 2470 2470 1330 1650 1650 26600 26600 Construction Equipment 86000 86000 17,200 8600 25800 25800 Accounts Payable 26,200 26200 26200 Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) PRINTER VERSIONBACK NEXT> ASSIGNMENT RESOURCES John Ram, Capital John Ram, Withdrawals Sales Revenue 86,430 86430 86430 ACC 1 2019) 4,650 4650 4650 282,000 5670 287670 287670 Review Score Sales Returns & Allowances 2,180 2180 2180 Review Results by Sales Discounts 1,860 1860 1860 50,540 50540 50540 Purchases Returns & Allowances 760 760 760 Purchases Discounts 1,210 1210 1210 Freight-in Rent Expense Sales Salaries Expense 2,740 2740 2740 20,390 5710 26100 26100 19,250 2680 21930 21930 Utilities Expense 2,680 2680 2680 Advertising Expense 2,010 2010 2010 Interest Expense 2,380 2380 2380 Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) PRINTER VERSIONBACK NEXT NMENT RESOURCES Interest Expense 2,380 2380 2380 ACC 1 2019) 13,200 2,590 519,980 519,980 Interest Income 360 13560 13560 Tool Rental Revenue 4350 6940 6940 TOTALS Sco Review Results by 8600 8600 8600 Construction Equipment Sales Salaries Payable Rent Payable Store Supplies Expense Insurance Expense Interest Receivable 2680 2680 2680 1330 1330 1330 1860 1860 1860 360 360 360 SUBTOTALS 30560 30560 537290 537290 170110 350890 407930 227150 Net Income 180780 180780 GRAND TOTALS 350890 350890 407930 407930 SHOW ANSWER Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) PRINTER VERSIONBACK NEXT ASSIGNMENT RESOURCES ACC 1 2019) Your answer is corect. Prepare an owner's equity statement for Ram Construction Company as of December 31, 2013. (List items that increase retained earnings first.) Ram Construction Company Statement of Owner's Equity For the Year Ended December 31, 2013 Review Score Review Results by ohn Ram, Capital, December 31, 2012 86430 AddNet Income/ (Loss) 180780 267210 Less John Ram, Withdrawals 4650 ohn Ram, Capital, December 31, 2013 262560 SHOW ANSWER Attempts: 2 of 3 used Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) PRINTER VERSIONBACK NEXT> | (e) ASSIGNMENT RESOURCES Your answer is partially correct. Try again. ACC 1 2019) Prepare a dlassified balance sheet for Ram Construction Company as of December 31, 2013. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) Ram Balance Sheet 12/31/2013 Assets Review Score Review Results by Current Assets Cash 190200 Accounts Receivable 28150 40750 Prepaid Insurance 2550 Prepaid Rent 2470 Store Supplies 1650 Land 26600 Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) PRINTER VERSIONBACK NEXT> ASSIGNMENT RESOURCES 40750 ACC 1 2019) Prepaid Insurance 2550 Prepaid Rent 2470 Review Score Review Results by Store Supplies 1650 Land 26600 86000 Total Current Assets 350220 Property, Plant and Equipment Accumulated Depr Equipment 25800 Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) PRINTER VERSIONBACK NEXT> ASSIGNMENT RESOURCES ACC 1 2019) Liabilities & Owner's Equity Current Liabilities Review Score Review Results by Accounts Payable 26200 Unearned Tool Rental Revenue 8440 Total Current Liabilities Long-Term Liabilities Mortgage Payable (due 2016) 77600 Total Liabilities Owner's Equity John Ram, Capital 262560 Total Liabilities and Owner's Equity
