Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hwk 4 . need solved please EX 4-10 Classifying assets Identify each of the following as (a) a current asset or (b) property, plant, and

image text in transcribedhwk 4 . need solved please

EX 4-10 Classifying assets Identify each of the following as (a) a current asset or (b) property, plant, and equipment: 1. Accounts Receivable 2. Building 3. Cash OBJ. 2 4. 5. Prepaid Insurance 6. Supplies EX 4-11 Balance sheet classification At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250. OBJ. 2 Explain how the liability should be classified on the balance sheet. EX 4-12 Balance sheet Optimum Weight Loss Co. offers personal weight reduction consulting services to indi- viduals. After all the accounts have been closed on November 30, 2016, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss Co. are as follows: OBJ. 2 otal assets: Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment 186,400 Retained Earnings 7.200 21,000 635,300 9,000 4,800 18,000 37,700 Prepaid Insurance 116,750 Prepaid Rent ?Salaries Payable Common Stock 75,000 Supplies 74,150 Unearned Fees Prepare a classified balance sheet that includes the correct balance for Cash. EX 4-13 Balance sheet OBJ. 2 orrected balance et, total assets: List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet 5,000 For the Year Ended August 31,2016 Assets Current assets: Current liabilities: Accounts payable .. 31,300 Accum. depr-building 155,000 Accum. depr-equipment 25,000 ....16,600 339,600 $297,900 Stockholders'Equity Property, plant, and equipment: 75,000 512,200 Equipment Common stock Retained earnings Total stockholders equity.. Total liabilities and stockholders eqity Total property, plant, 635400 593,700 Total assets is 933,300 933,300

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

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

Audit Standards A Comparative Analysis

Authors: Walter W. O Willborn

1st Edition

0873890345, 978-0873890342

More Books

Students also viewed these Accounting questions

Question

4. How has e-commerce affected business-to-business transactions?

Answered: 1 week ago