Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

list for dropdowns please type answer so its easy to read These items are taken from the financial statements of Blue Spruce Corp. at December

image text in transcribedimage text in transcribedimage text in transcribedlist for dropdowns

please type answer so its easy to read

These items are taken from the financial statements of Blue Spruce Corp. at December 31, 2018 Buildings $195,730 Accounts receivable 23,310 Prepaid insurance 8,658 Cash 21,904 Equipment 152,440 Land 113,220 Office expense 1,073 Income tax expense 370 Depreciation expense 9,805 Interest expense 4,810 114,700 74,000 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment Interest payable 84,360 15,540 2,035 173,160 34,632 6,660 Sales 26,233 Calculate the net income for the year. Net income / (loss) S List of Accounts Prepare a classified statement of financial position. Assume that $25,160 of the bank loan payable will be paid in 2019. (List Property, plant and equipment in order of land, buildings and equipment. List Current Assets in order of liquidity. BLUE SPRUCE CORP. Statement of Financial Position Assets S $ $ Liabilities and Shareholders' Equity $ $ S S list of Accounts Current Assets Current Liabilities Non-Current Liabilities Property, Plant, and Equipment Shareholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Shareholders' Equity Total Property, Plant, and Equipment Total Shareholders' Equity

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

E Commerce Operational Aspects Accounting Auditing And Taxation Issues

Authors: Lata Sharma

1st Edition

8177084097, 978-8177084092

More Books

Students also viewed these Accounting questions