Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me post the beginning balances to the T-accounts. I have provided the financial statements and T-accounts needed. Thank you so much & I

Please help me post the beginning balances to the T-accounts. I have provided the financial statements and T-accounts needed. Thank you so much & I will uplike!

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Dresser Company Balance Sheet 31-Dec-20 Assets: Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts ? Inventory 1 Prepaid Insurance Supplies 3 Total Current Assets $ 12,300 15.720 (7,210) 11,580 2,000 590 $ 34,980 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Interest Payable Salary and Wages Payable Total Current Liabilities $ 8.200 2000 400 $ 10,600 Long Term Liabilities Bonds Payable. 8%, 10 year *** $ 50.000 3 - 3 Total Liabilities $ 60.600 Property. Plant and Equipment Building Less Accumulated Depreciation Equipment Less Accumulated Depreciation : Total Property, Plant and Equipment $ 100,000 (30,000) 60,000 (35,855) $ 94,145 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity $ 55,000 13 525 $ 68,525 3 5 Total Assets $ 129,125 Total Liabilities and Stockholders' Equity $129. 125 * Total Assets $ 129,125 Total Liabilities and Stockholders' Equity $129,125 1 *** Interest payable Jan. 1 and July 1 **Inventory balance is: 4000 units at $1.50 each 3600 units at $1.55 each Total Inventory $ 6,000 5,580 $ 11,580 Accounts Cash Accounts Receivable Allowance for Doubtful Accts Inventory Prepaid Insurance Supplies Equipment Accumulated Depreciation - Equip Building Accumulated Depreciation - Build Accounts Payable Interest Payable Salaries & Wages Payable Bonds Payable Common Stock Retained Earnings Interest Receivable Note Receivable Long Term Premium on Note Receivable 3 5 6 Sales Revenue Cost of Goods Sold Salaries & Wages Expense 3 2. 6 Income Summary B Insurance Expense Interest Revenue Interest Expense Depreciation Expense - Equipment Bad Debt Expense Supplies Expense Selling Expenses Administrative Expenses Depreciation Expense - Building Income Tax Expense Dividends Income Tax Payable

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

Advanced Financial Accounting

Authors: Richard Lewis, David Pendrill

6th Edition

0273638335, 978-0273638339

More Books

Students also viewed these Accounting questions