I summited a problem and it was answerd i guess in the wrong firmat i was wondering if some could help me. ill post tge problem then how tge expert answered it and tge last post eill be on how the professor wants it to be.

I'm talking about Problem #2, you have the right Exhibit 4.4 but are sending me the answer for Problem #1. So you are part way there.

Problem #2, the Income Statement is ok; the Statement of Owner's Equity is ok; it's the Balance Sheet that is confusing.

this is from the professor

The calendar year-end adjusted trial balance for Acosta Co. follows: ACOSTA CO. Adjusted Trial Balance December 31 $ 100,000 7,000 15,000 9,000 3,300 8,000 3,200 350,000 42.000 700,000 Cash. Accounts receivable...... ......... Prepaid rent.................... .... Prepaid Insurance................. Office supplies ........ Office equipment... Accumulated depreciation Equipment... Building.. Accumulated depreciation-Building....... Land Accounts payable.................. ................. ...... Salaries payable....... ... Interest payable ........... Long-term note payable ..... .............. Margarita Acosta, Capital.................... ... ....... Margarita Acosta, Withdrawals ........ ... ....... Service fees earned.......................... Salaries expense ................ Insurance expense................................. Rent expense...... .. . Depreciation expense-Equipment................. Depreciation expense Building...... ........... .......... Totals. 5,800 14,500 2,500 52,000 1,010,000 200,500 370,800 90,000 5,200 5,000 800 7,000 S1.500.800 S1.500.800 Required: 1. Prepare in proper format the appropriate year-end financial statements (Income Statement, Statement of Owner's Equity and classified Balance Sheet (50 points) Note 1: No capital investments were made during the current year. Note 2: A $7,000 installment on the long-term note payable is due within one year, 2. This is to be typed and submitted as an attachment no later than Friday, March 27 at 8:00 a.m. Make sure you have your name on your documents. 3:27 chegg.com ACOSTA CO. Income Statement Amount Particulars Service Fees Earned 370,800 Expenses Office Supplies Salaries Expanse Insurance Expanse Rent Expenses 3,300) 190,000) (5,200) (5,000) Depreciation Expenses - Equipment (800) Depreciation Expenses - Building Total Expenses (7,000) (111,300) Net Earnings 259,500 Statement of Owner's Equity Particulars Amount $ Margarita Acosta - Capital (Opening) 1,010,000 Less: Withdrawals (200,500) 259,500 Add: Net Earnings Margarita Acosta - Capital (Closing) 1,069,000 Balance Sheet Amount Liabilities and Owner's Equity Owner's Equity 3:27 chegg.com Balance Sheet Amount Liabilities and Owner's Equity Owner's Equity Margarita Acosta- Capital 1,069,000 Long Term Liabilities Long Term Note Payable 45,000 Current Liabilities Accounts Payable Salary Payable Interest Payable 5,800 14,500 2,500 Installment Due - Long Term Note 7,000 29,800 Total 1,143,800 Assets Amount $ Current Asset Cash Accounts Receivable 100,000 7.000 15,000 9.000 Prepaid Rent Prepaid Insurance 131,000 Fixed Assets Office Equipment 8,000 Less: Accumulated Depreciation - Equipment (3,200) 4,800 Building 3:27 chegg.com Long Term Note Payable 45,000 Current Liabilities Accounts Payable Salary Payable Interest Payable Installment Due - Long Term Note 5,800 14,500 2,500 7000 29,800 Total 1,143,800 Amount $ Assets Current Asset Cash 100,000 Accounts Receivable Prepaid Rent Prepaid Insurance 7,000 15,000 9,000 131,000 8,000 Fixed Assets Office Equipment Less: Accumulated Depreciation - Equipment (3,200) 4,800 Building 350,000 Less: Accumulated Depreciation - Building (42,000) 308,000 Land 700,000 1,143,800 Total 0 Comments SNOWBOARDING COMPONENTS Balance Sheet January 31, 2017 Assets .... $ 6,500 2,100 4,400 27,500 2,400 $ 42,900 Current assets Cash Short-term investments ..... Accounts receivable, net... Merchandise inventory..... Prepaid expenses.... Total current assets Long-term investments Notes receivable (due in three years)........... Investments in stocks and bonds ............ Land held for future expansion.......... Total long-term investments .... Plant assets Equipment and buildings....... Less accumulated depreciation........ Equipment and buildings, net .............. Land.... Total plant assets ...... Intangible assets Total assets ... 1,500 18,000 48,000 67,500 203,200 53,000 150,200 73,200 223,400 10,000 $343,800 Liabilities Current liabilities Accounts payable........... Wages payable......... Notes payable (due within one year). Current portion of long-term liabilities. Total current liabilities Long-term liabilities (net of current portion).... Total liabilities $ 15,300 3.200 3,000 7,500 $ 29,000 150,000 179.000 Equity T. Hawk, Capital Total liabilities and equity...... 164,800 $343,800 ntangible Assets Intangible ass ions but lack physical for oodwill. Their value comes from the p arden reports intangible assets of $2,599 atangibles include trademarks, patents, and lie ble Assets Intangible assets are long-term resources that benefit but lack physical form. Examples are patents, trademarks copyrights, fra heir value comes from the privileges or rights granted to or held demarks, patents, and licensing a lion, which is nearly 25% of its tota chefit business franchises eld by the out Toralar