Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please I need this to be fully correct what is the change Balance Sheet as of December 31, 20X0 Assets: Cash Equipment Accumulated depreciation equipment

image text in transcribedimage text in transcribedplease I need this to be fully correct what is the change

Balance Sheet as of December 31, 20X0 Assets: Cash Equipment Accumulated depreciation equipment Leased property Total assets Liabilities and owner's equity: Lease liability Ralston, capital Total liabilities and owner's equity $ 30,000 36,000 (11,250) 18,000 $ 72,750 $ 18,000 54,750 $ 72, 750 Statement of Cash Flows for the Year Ended December 31, 20X1 $ 37,500 (8,250) (6,750) $ 22,500 Cash flows from operating activities Collections from customers Payments for salaries Payments for other expenses Net cash provided by operating activities Cash flows from investing activities Sale of equipment Purchase of land Purchase of investments Net cash used by investing activities Cash flows from financing activities Payment on lease liability Issue of long-term notes Owner withdrawals Net cash from financing activities Net decrease in cash 6,250 (13,400) (22,600) (29,750) (2,800) 15,000 (12,000) 200 $ 17,050) Additional Information: a. During 20X1, equipment having accumulated depreciation of $4,500 was sold for a $4,000 gain. b. A $3,550 lease payment was made in 20X1, reducing the lease liability by $2,800. c. 20X1 depreciation expense: on leased property, $3,100; on equipment, $8,250. d. Net income for 20X1 was $15,150. Required: Using the provided data, prepare Ralston's December 31, 20x1, balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. RALSTON COMPANY Balance Sheet December 31 Assets 20X0 Cash $ $ 30,000 20X1 22,950 22,600 13,400 Investments Land Equipment Accumulated depreciation - equipment Leased property Accumulated depreciation - leased property 29,250 (15,000) 18,000 3,100 36,000 (11,250) 18,000 Total assets $ 94,300 $ 72,750 Liabilities and Capital $ 15,200 $ 18,000 15,000 57,900 54,750 Total liabilities and capital $ 88,100 $ 72,750

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

Glencoe Accounting Concepts Procedures Applicatons

Authors: McGraw-Hill Education

3rd Edition

0028036174, 978-0028036175

More Books

Students also viewed these Accounting questions