Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Im having trouble balancing my balance sheet. Credit 7.615 FOX LIMITED Adjusted Trial Balance As at 31 December 20X6 Accounts Debit Cash 1 $ 129,000

Im having trouble balancing my balance sheet.

image text in transcribed

image text in transcribed

Credit 7.615 FOX LIMITED Adjusted Trial Balance As at 31 December 20X6 Accounts Debit Cash 1 $ 129,000 Accounts receivable 68,000 Allowance for doubtful accounts Inventory (perpetual system) 199,000 Prepaid insurance 1,480 Equipment 206,000 Accumulated amortization Accounts pavable Wages payable Income taxes payable Common shares, no-par Retained earnings Sales revenue Cost of goods sold 471,000 Operating expenses 153,036 Income tax expense 46,800 Income summary fo Total $ 1.274,315 103,000 32,500 1,900 46,800 264.000 95,500 723,000 $ 1.274,315 FOX LIMITED Balance Sheet At 31 December 20x6 Assets Llabilities Current assets: Cash $ | $ 6 Accounts receivable Allowance for doubtful accounts Inventory Current liabilities: 129,000f Accounts payable 8,000 Wages payable (7,615) Income taxes payable 199,000 1.480 32,500 1.900 46,800 Prepaid insurance $ $ 81,200 Total current assets Capital assets: Equipment Accumulated depreciation, equipment 369,865 Total current liabilities Stockholders' equity: 206,000f Common shares, no-par (103,000) Retained eamings | $ $ 264,000 95,500 $ Total capital assets Total assets 103,000 Total shareholders' equity 492,865 Total liabilities and stockholders' equity $ $ 359,500 440,700 $

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

The Nursing Audit Self Regulation In Nursing Practice

Authors: Maria C Phaneuf

2nd Edition

0838570054, 978-0838570050

More Books

Students also viewed these Accounting questions

Question

Define the term user view as it applies to database design.

Answered: 1 week ago