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Please fix my balance sheet Required information Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The company's accountants make adjusting
Please fix my balance sheet
Required information Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The company's accountants make adjusting entries monthly, and they make all closing entries annually. The company is growing rapidly and prides itself on having no long-term liabilities. $ The company has provided the following trial balance dated December 31, 2015: Balance Sheet As of December 31, 2015 Assets Current assets Cash Marketable securities Merchandise inventory Office supplies Prepaid insurance Accounts receivable Allowance for doubtful accounts Cost of goods sold 49,000 34,000 255,000 1,900 6.160 126,000 5,800 952,000 $ 5,800 $ 1,429,860 Total current assets Plant and equipment: Building and fixtures Land 1,794,000 68,800 790,000 MUSIC-IS-US, INC. TRIAL BALANCE DECEMBER 31, 2015 Cash $ 49,000 Marketable securities 34,000 Accounts receivable 126,000 Allowance for doubtful accounts Merchandise inventory 255,000 Office supplies 1,900 Prepaid insurance 6,160 1,794,000 Building and fixtures Accumulated depreciation Land 68,800 Accounts payable Unearned customer deposits Income taxes payable Capital stock Retained earnings Unrealized holding gain on investments Sales Cost of goods sold 952,000 Bank service charges 240 Uncollectible accounts expense 8.900 Salary and wages expense 393,000 Office supplies expense 400 Insurance expense 5.600 Utilities expense 3,400 Depreciation expense 47,000 Income tax expense 72,000 61,000 7,800 72,000 950,000 238,200 5,400 1,687,200 1,862,800 3,292,660 Total plant and equipment $ Total Assets $ Liabilities & Stockholders' equity Liabilities: Current liabilities: Accumulated depreciation $ Accounts payable Unearned customer deposits Income taxes payable Bank service charges Total current liabilities $ Total liabilities $ Stockholders' equity Capital stock Retained earnings Unrealized holding gain on investments 790,000 61,000 7,800 72,000 240 931,040 931,040 950,000 238,200 5,400 Total stockholders' equity Total Liabilities and Stockholders' Equity $ $ 1,193,600 2,124,640Step by Step Solution
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