Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELP. Peparing a classified balance sheet 6 7 8 9 Credit 10 11 12 $2,680 13 14 $710 15 16 17 $10,800 18 Blue Spruce

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
HELP. Peparing a classified balance sheet
6 7 8 9 Credit 10 11 12 $2,680 13 14 $710 15 16 17 $10,800 18 Blue Spruce Corp Adjusted Trial Balance 3/31/22 Debit Cash $72,330 Accounts Receivable $29,600 Allowance for Doubtful Accounts Equipment $11,000 Accumulated Depreciation-Equipment Land $20,000 Buildings $109,000 Accumulated Depreciation-Buildings Patents $8,925 Accounts Payable Unearned Service Revenue Income tax payable Common Stock Retained Earnings Service Revenue Other Operating Expenses $95,600 Depreciation Expense $1,710 Amortization expense $75 Baddebt expense $1,380 Income tax expense $21,521 Loss on Disposal of Plant Assets $900 Totals $372,041 19 20 21 $2,250 $7,000 $21,521 $83.000 $72,680 $171,400 22 23 24 25 26 27 28 29 30 31 $372,041 Blue Spruce Corp. Income Statement For the Quarter Ended 3/31/22 Service Revenue 171400 Operating Expenses Depreciation Expense 1710 75 i Amortization Expense 1380 Bad Debt Expense 95600 Other Operating Expenses 98765 Total Operating Expenses 72635 Income from Operations Income from Operations 72635 Other Expenses and Losses Loss on Disposal of Plant Assets 900 Income Before Taxes 71735 Income Tax Expense 21521 Net Income /(Loss) $ 50214 Blue Spruce Corp. Retained Earnings Statement For the Quarter Ended 3/31/22 TA Retained Earnings, 1/1/22 72680 Add : Net Income /(Loss) 50214 $ 122894 Retained Earnings, 3/31/22 e Textbook and Media Prepare a classified balance sheet at March 31, 2022. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Equipment and Buildings. Round answers to decimal places, eg. 5,275.) Blue Spruce Corp. Balance Sheet Assets $ Liabilities and Stockholders' Equity $ $ e Textbook and Media List of Accounts

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

International Financial Reporting

Authors: Alan Melville

7th Edition

1292293128, 9781292293127

More Books

Students also viewed these Accounting questions