Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(New Problem - not a continuation of the prior problem) Balance Sheet - three (3) questions Instructions: Please prepare a Balance Sheet on your scratch

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
(New Problem - not a continuation of the prior problem) Balance Sheet - three (3) questions Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Balance Sheet to answer this question and the next two questions. You will need to know the amounts for total assets, total current assets, and total stockholders' equity. Adjusted Trial Balance As of 12/31/20xx Accounts Account Balances Cash $20,327 Accounts 30,000 Recevable Allowance 14.000 fror Uncollectible Accounts Inventory 35.000 Building H0,171 Accumulated 10,000 Depreciation Accounts 12,327 Payable Deferred 10,000 Revenue Common 20,000 Stock Retained 120.000 Accounts 12,327 Payable Deferred 10,000 Revenue Common 20,000 Stock Retained 20,000 Earnings Dividends 3,000 Revenue 65,171 Sales) Sales 11.000 Allowances Rent 4,000 Expense Interest 1.000 Expense ncome Tax 1.000 Expense Question: Based on the Partial Tral Balance and Additional Info shown below, what is the amount of the Total Assets shown on the Balance Sheet you prepared on your scratch paper? Additional Information: Net Income After-taxes for the Accounting Period equaled $52,171 Beginning Balance of Common Stock on 1/1/20* $20.000 Begioning Balance of Retained Earings on 1/1/20 $20.000 No new stock was issued during the accounting period. Hint: Please remember the formula for retained earnings when preparing this statement Balance Sheet Question: Based on the Balance Sheet you prepared on your scratch paper, what is amount of the Total Current Assets shown on the Balance Sheet you prepared on your scratch paper? Balance Sheet Question: Based on the Balance Sheet you prepared on your scratch paper, what is amount of the Total Stockholders' Equity shown on the Balance Sheet you prepared on your scratch paper

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

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

22nd Edition

324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844

More Books

Students also viewed these Accounting questions

Question

2. Use a point system or model papers when grading essays.

Answered: 1 week ago

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago

Question

Define procedural justice. How does that relate to unions?

Answered: 1 week ago